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Washington, D.C. (April 23, 2020)—Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey released the following statement after the House sent bipartisan legislation to restart the Paycheck Protection Program to President Trump to be signed into law.
“ICBA thanks Congress for passing this critical legislation restarting the Paycheck Protection Program with an additional $310 billion and dedicating at least $60 billion of the funds for loans from community financial institutions.
"Reflecting ICBA's repeated calls to ensure access to the program for community bank customers, this bipartisan 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 will help small-business customers in urban, suburban and rural communities weather the COVID-19 emergency.
“With the bill headed to President Trump to be signed into law, ICBA continues calling on the Treasury Department and Small Business Administration to begin preparing to administer the community bank funding allocation as soon as possible to support the deployment of these funds.
"As relationship lenders, community banks look forward to continuing to utilize the PPP to continue meeting the needs of 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.
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