Washington, D.C. (April 21, 2020)—Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey released the following statement after the Senate passed bipartisan legislation that includes an additional $310 billion to restart the Paycheck Protection Program and an ICBA-advocated allocation for community banks.
“ICBA thanks the Senate for passing this critical legislation extending the Paycheck Protection Program and dedicating at least $60 billion of the funds to community financial institutions.
"Reflecting ICBA's repeated calls to ensure community bank access to the program, the legislation will allocate at least $30 billion for institutions under $10 billion in assets and another $30 billion for those with between $10 billion and $50 billion in assets. These funds are sorely needed by small-business customers in urban, suburban and rural communities.
“With the bill headed to the House for a final vote later this week, ICBA continues calling on Congress to immediately approve the additional PPP funding and community bank allocation. Meanwhile, ICBA strongly urges the Treasury Department and Small Business Administration to begin preparing to administer the community bank funding allocation as soon as possible so we can continue to deploy these funds to those who need it most.
"Community banks look forward to continuing to utilize the PPP as we stand hand in hand with the Main Street small businesses we serve.”
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
# # #