The Small Business Administration is working to issue guidance as soon as today on its $349 billion in new lending capacity under the Coronavirus Aid, Relief, and Economic Security Act. The new Paycheck Protection Program expands the SBA's 7(a) loan program to help small businesses cover their near-term operating expenses and retain employees.
Meanwhile, ICBA offers a summary of the community banking provisions of the CARES Act and is developing frequently asked questions on the law's key measures, including the SBA program. Further, new analyses from the Economic Innovation Group, Independent Bankers Association of Texas and Senate Small Business Committee offer additional information on the program.
Following relentless ICBA advocacy on behalf of the nation's community banks, President Donald Trump signed the CARES Act into law on Friday. In addition to the SBA program, the law includes tax relief, robust FDIC deposit insurance coverage for transaction accounts, and other ICBA-advocated measures.