Did you receive a federal business loan?

Are you concerned about how to pay it back?

Congress is considering a simple forgiveness process, especially on smaller loans under $150,000.

63,000 SC businesses received loans for $150,000 or less.

Others were for more, up to $10 million.

The Paycheck Protection Program deadline has been extended to August 8.

Fred Green, president and CEO of the SC Bankers Association, said forgivenes depends on how the law is written and what is passed.

One version would allow loans under $150,000 to be forgiven with a simple 1-page document, he said.

Green told Columbia Regional Business Journal that such legislation will help small, struggling businesses and ease the crush of loans.

“During the application process there was a huge demand that overtaxed the system and had huge delays.

"Without that bill, it’s going to be a similar experience.”

The Small Business Forgiveness Act, S.4117, has been referred to the Senate Committee on Small Business and Entrepreneurship.

“If the bill is successful, it allows small-business owners to focus on their businesses."

It also allows the SBA and bankers to make decisions quickly, he said.