Paycheck Protection Program Resources

Latest PPP and EIP News

Feb 25, 2021 | NewsWatch Today Article

PPP small borrower window opens, other reforms effective next week

One of the Biden administration's Paycheck Protection Program reforms announced earlier this week started yesterday, with the rest set to be implemented next week.
Feb 25, 2021 | NewsWatch Today Article

FinCEN issues advisory on EIP fraud

Feb 24, 2021 | NewsWatch Today Article

ICBA urges garnishment exemption for EIPs

Feb 24, 2021 | Coronavirus Update

FS-ISAC Coronavirus Update, Feb. 23, 2021

Feb 23, 2021 | NewsWatch Today Article

PPP reforms target smallest businesses

Feb 23, 2021 | NewsWatch Today Article

ICBA urges funding for rural development programs

Feb 23, 2021 | NewsWatch Today Article

Agencies announce relief for Texas winter storms

PPP 2 Summary Image

PPP Summary Updates

This update explains eligibility factors, restrictions on loan proceeds, expenses and other factors involved with the latest round of PPP loans.

Read More

Latest Events

ICBA Community Bank Briefing: 2021 Updates & Agency Actions

2:00 pm Eastern | 1:00 pm Central | 12:00 pm Mountain | 11:00 am Pacific

ICBA experts will share important updates from Washington, D.C. and discuss legislative actions including the emergency stimulus legislation signed into law at the end of 2020.

ICBA experts will share updates from Washington, D.C. and discuss agency actions. The ICBA team will address the measures it continues to push for in Congress as well as other advocacy highlights.

Participants are encouraged to submit questions prior to the briefing or bring them to the briefing as the ICBA team will answer questions from community bankers.

This webinar is free to all ICBA community banks. Event registration is limited to 1,800 participants.
*The recording will be available to everyone 24 hours after the live event and can be ordered through our website.

Consumer EIP FAQs

Most ACH payments have already arrived at banks; however, the IRS is making a new effort to reissue payments that were previously rejected. The IRS announced on January 11 that it will reissue payments to taxpayers who did not receive them because they were initially sent to closed temporary accounts associated with tax preparation companies.

The federal government will begin to reissue ACH and check payments during the week of January 26. ACH payments processed for distribution on January 26 will have an Effective Entry Date of January 29.

If the reissued payments still do not reach taxpayers’ accounts as intended (e.g., receiving account is now closed), then taxpayers will have to file for a credit with their 2020 tax return. No action is required of taxpayers to receive a reissued payment. The federal government will only reissue payments that failed to reach accounts and were returned by financial institutions to the Bureau of the Fiscal Service.

ICBA is closely monitoring the situation and is in contact with the IRS and the Treasury department and will provide updates as soon as they are available.

The government anticipates it will send more than 145 million new Economic Impact Payments. If the IRS does not have account information on file for Direct Deposit, then individuals may receive a check or prepaid debit card. The IRS estimates 26 million will be checks and 8 million will be debit cards.

Approximately 113 million EIP transactions will be sent as ACH payments amounting to $112 billion, and an additional 34 million will be distributed as checks or debit cards amounting to $30 billion via USPS. The first tranche of ACH payments will have an effective pay day of Jan. 4, 2021. The checks are dated Jan. 6. 2021; the Treasury department has advised they will honor checks that are presented prior to this date. Treasury will be mailing 5 to 7 million checks per week until mid-January.  Prepaid cards will begin to be distributed next week at a rate of 3 million per week until mid-January. The legislation states payments must be processed by Jan. 15, 2021.

In response to several million taxpayers failing to receive their EIP2 payments, the federal government will begin to reissue ACH and check payments during the week of January 26. If the payments still do not reach taxpayers’ accounts as intended (e.g., account is now closed), then taxpayers will have to file for credit with their 2020 tax return. No action is required of taxpayers to receive a reissued payment. The federal government will only reissue payments that failed to reach accounts and were returned by financial institutions to the Bureau of the Fiscal Service.

We will provide updates on the late January distribution as information is made available.

Please be aware that the Treasury department has added new routing and transit numbers and data values for ACH EIPs.

Yes, the IRS created a website earlier this year to provide additional information to individuals, businesses, and more. However, please note that the information on these websites will likely be updated as the IRS prepares to distribute the payments.

For EIP2s made by ACH with a settlement date of Monday, January 4, 2021, an RDFI is required to make funds available for cash withdrawal by 9 a.m. (in the RDFI’s local time) on that date.

We will provide updates on the late January distribution as information is made available.

The IRS database will be used to determine routing and bank account numbers for qualified individuals. Per the signed legislation. the full credit amount is $600 per individual, $1,200 per couple, and $600 for dependent children under the age of 17.

It is available for individuals with AGI at or below $75,000 ($112,500 for heads of household), and couples with AGI at or below $150,000. If you have children, you will receive an additional $600 per child.

For those above this income level, the amount will be reduced by $5 for each $100 your AGI exceeds the above thresholds.

This means:

  • An individual without children will not receive any EIP funds if their AGI exceeds $87,000.
  • A couple without children will not receive any EIP funds if their AGI exceeds $174,000.
  • A family of four will not receive any EIP funds if their AGI exceeds $198,000.

Receiving banks can identify the second round of Economic Impact Payments with the following information:

Company Name: IRS TREAS 310

Company Entry Description: XXTAXEIP2

Treasury Check Verification Application may be used by banks to verify Treasury-issued checks for EIP.

Additional identifying information is provided by the Bureau of the Fiscal Service.

In response to some taxpayers failing to receive the EIP2, the Bureau of Fiscal Services will mail an additional 2.4 million checks beginning on January 26, 2021. These new Treasury EIP checks with a pay date after January 26 will be similar to previously issued checks; however, the memo field will only state “Economic Impact Payment.” Please see the second image below for a sample of the new EIP2 checks.

Example Check

Example Treasury Checks for EIPs

Example Check #2 (Pay Date after January 26, 2021)

check 2

Bank employees need to enter a valid routing transit number, check number, and check amount. The system will provide one of four responses to a user’s query:

The U.S. Treasury Check was issued for the amount entered.

The U.S. Treasury Check has already been paid.

The amount entered does not match Fiscal Service records.

No match. (A “no match” message does not necessarily mean that the check is not valid.)

Please be aware that the system is only updated once a day and does not operate in real-time. The site also provides additional information on U.S. Treasury check security features that may help banks verify checks received by customers.  

The legislation states EIPs are exempt from garnishments. The EIP payments made via ACH will include an identifier (XXTAXEIP2) to distinguish the payments from tax refunds the first EIP. Please note that the “XX” in the identifier indicates that the payments are not subject to garnishment. EIPs sent as a check will feature a check symbol in the MICR line (40436) and may also require visual inspection to validate that the check is an EIP.

Also, please note that Economic Impact Payments are not subject to reclamation by the Department of the Treasury or the Internal Revenue Service. For more information about the reclamation process, including the types of payments subject to reclamation, please see Chapter Five of the Green Book.

Yes, banks are permitted to post payments based on the account number only. Nacha’s ACH Rules state in Subsection 3.1.2 that a receiving bank “may rely solely on the account number contained in an Entry for the purpose of posting the Entry to a Receiver’s account, regardless of whether the name of the Receiver in the Entry matches the name associated with the account number in the Entry."

Moreover, the Green Book notes that a bank is “not required to manually verify that the name on the ACH entry matches the name on the account at the time the payment is posted.” It goes on to state that a receiving bank “is only liable for posting the payment to the account in the ACH credit entry.” For more information, please see Chapter Two of the Green Book.

According to information in the Green Book (page 4-2), the RDFI should return the payment.

The Green Book states in Chapter 4 that all ACH payments must be returned in accordance with the Nacha Operating Rules and Guidelines, including when an account is closed or does not exist.

Most ACH returns to the IRS will result in a paper check being issued; therefore, RDFIs must make appropriate use of Return Reason Codes. Please see:

The legislation only excludes persons who passed away prior to January 1, 2020 from being eligible to receive a payment. The IRS is determining eligibility for all payments before they will be sent to customer bank accounts.

The IRS announced that the 2021 tax-filing season will begin on Friday, February 12. For additional information, see the IRS announcement. Those who didn't receive a payment or only received a partial payment may be eligible to claim the Recovery Rebate Credit when they file their 2020 tax return. Tax preparation software, including IRS Free File, will help taxpayers figure the amount.

The IRS will use the most recent Direct Deposit account information that it has on file to issue payments via Direct Deposit.

Due to the short time frame in which the IRS distributed most EIP2 payments, there was not enough time to provide updated account information to the IRS. Individuals who closed their account or changed financial institutions will receive the payment via another method, such as a paper check.

The IRS has established a site called “Get My Payment” at This site provides information on payment status and payment type. The IRS updates this site on a daily basis.

Most individuals will receive their payment electronically. This is faster than mass distribution of paper checks. 

If you filed taxes 2019 and provided on your tax return your bank routing and account number for payments or refunds, and this information has not changed, the IRS has the information it needs to send your payment electronically, with no action required on your part. 

If you are a Social Security recipient, the IRS will use the direct deposit information held by the Social Security Administration. If the Direct Deposit information you have provided in the past is for a bank-issued, prepaid debit card, you will receive your funds on that card account. Individuals receiving disability benefits, railroad retirement, or veterans benefits do not need to provide additional information to receive their payments.

The IRS worked with the relevant federal agencies to access the relevant information to distribute payments in the same manner as those individuals receive their regular benefit payments (e.g., direct deposit to their bank account). Also, some individuals received a prepaid debit card from the government instead of a check; the IRS will provide more information about how it will distribute debit cards.

If an individual is a non-filer or failed to receive some, or all, of their first Economic Impact Payment, please check out the IRS website to learn more about claiming the Recovery Rebate Credit on the 2020 tax return.

A large amount of funds will be disbursed in the coming weeks to qualifying individuals. Accordingly, there is a risk for fraud of various types. The IRS has announced various ways individuals can be on guard against fraudulent activities. See the notice

It is important to remember that banks or the federal government will never contact you by telephone, text or email asking for your account information. Do not provide any banking information to anyone claiming to be “registering you for your relief payment.” This is a red flag. 

For security reasons, the IRS plans to mail letters about Economic Impact Payments to taxpayers’ last known address after the EIP is sent. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If you are unsure you are receiving a legitimate letter, the IRS urges you to visit to protect yourself against fraudsters. 

Those who receive unsolicited emails, text messages or social media contacts attempting to gather information that appear to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), should forward them to

Taxpayers are encouraged not to engage potential fraudsters online or on the phone. Learn more about reporting suspected scams by going to the Report Phishing and Online Scams page on

Service Providers Are Here To Help

Companies with an asterisks are ICBA Preferred Service Providers.


Need help navigating the Paycheck Protection Program (PPP)? Over 400 financial institutions trust Abrigo today to help automate the PPP process from application to forgiveness. With implementation times under 48hrs, Abrigo enables banks to serve their communities by getting much needed capital into their hands quickly and efficiently.

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Advanced Business Solutions

Advanced Business Solutions is pleased to offer assistance with the Paycheck Protection Program. We can assist with both loan forgiveness applications and new loan applications.

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Community banks leverage the white-label the Biz2X Accelerate SBA platform to efficiently process PPP Loans.

Visit Partner Site's PPP loan forgiveness processing engine automates banks review of PPP forgiveness applications with speed and accuracy while reducing risk. We offer discounted pricing for community banks. The solution is available for first and second draw of PPP loans.

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Finastra is taking action to optimize business lending platforms for the CARES Act and PPP funding.

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FINBOA is offering a free SaaS SBA|PPP Application Solution to help lenders take PPP loan applications digitally from customers in a safe and efficient manner – available through March 31, 2021 or until Round 3 funding is depleted.

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Members of ICBA can use FINSYNC's online loan application to support the PPP Loan with no upfront costs and same day implementation, which comes complete with a portal for processing PPP loans more efficiently and tools to help you track loan forgiveness eligibility, among other benefits.

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Fundation's white-labeled SBA Paycheck Protection Plan application for your community banks small business customers (use code 4242 for mobile verification).

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Holtmeyer & Monson*

H&M will submit the completed loan application to the SBA for approval and guarantee issuance and provide loan closing services with detailed documentation instructions.

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Jack Henry/ProfitStars*

The Jack Henry Lending Paycheck Protection Program Portal is a quick and easy solution for connecting Small Business borrowers to SBA certified banks.

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At this time we are happy to offer our solution free of charge for 3 months and deferred payments, and we will also offer our solution at a substantially discounted rate.

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MK Decision

MK Decision helps community banks to offer banking services digitally via remote implementation.

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A complete end-to-end system for SBA loan processing that automatically routes users through the application effortlessly.

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Newgen Software Inc.

Newgen delivers a comprehensive solution for SBA PPP loans.

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Newtek Business Finance Solutions is now offering Paycheck Protection Program loans to small business owners.

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NXTsoft Launches solution to resolve the many headaches associated with SBA E-Tran system: OmniConnect CARES Queue Streamlines the PPP Loan Submission Process for Financial Institutions

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ODX enables banks to digitally originate business credit and deposit products - allowing business owners to open accounts and apply for loans without physically coming into a branch.

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Help small businesses get the loan assistance they need with a fast, easy, mobile-first application.

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Our QuintEssential Loan Processing Solution™ can help financial institutions to address their current operational requirements related to PPP and other types of loans, by supplementing their full-time staff; thereby ensuring proper processing of loan and forgiveness application; maintaining strong customer loyalty; increasing revenue and expanding market penetration.

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From digital lead forms to automated production of SBA documents and submission via our Etran integration, SPARK is the transformational digital solution for business lending in your community.

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Community banks can now launch Business Lending-as-a-Service, in 7 days or less with all fees waived.

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The free Teslar Unite – PPP module assists community bankers with the SBA CARES Act PPP loan application process via an integrated web portal that allows small business customers to easily download the PPP loan application, fill it out, upload it and track the status of the loan.

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Wolters Kluwer*

With Paycheck Protection Program supported by TSoftPlus, you can immediately start processing compliant PPP loans, with no upfront costs.

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Botdoc is allowing up to 15 users to use Botdoc for free for 60 days to help community bankers begin securely exchanging documents within 15 minutes, even when working remotely.

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Cirrus Secure

Our secure loan document collection platform enables collaboration and workflow automation to support dispersed teams.

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Credit Plus Inc.

Business and personal credit reports, account monitoring, and portfolio monitoring are a few of our main services.

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Intellicredit by QwickRate

Now is the time to adopt aggressive new approaches to discover and monitor portfolio credit quality—both in aggregate and transactionally—including loans affected by COVID-19.

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Jack Henry/ProfitStars*

All-digital loan origination and portfolio management that enables lenders to create, underwrite, and manage borrower relationships – elevating the borrower and lender experience.

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At this time we are happy to offer our solution free of charge for 3 months and deferred payments, and we will also offer our solution at a substantially discounted rate.

Visit Partner Site


The cloud-based nCino Bank Operating System incorporates government-defined requirements into loan decision workflows and provides critical insights and analytics to help institutions better understand exposure, manage risk and ensure compliance.

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Qcash Financial

QCash Financial is waiving fees and implementation costs to get our digital small dollar lending solution broadly distributed.

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Botdoc is allowing up to 15 users to use Botdoc for free for 60 days to help community bankers begin securely exchanging documents within 15 minutes, even when working remotely.

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ICBA member banks may white-label and deploy the system in under a week to support virtual meetings with free access from March 1 through June 30.

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Cybersecurity services provide monitoring and proactive KnowBe4 training tools to protect against phishing attempts to ensure safety and soundness is maintained.

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To help manage risks, is offering its Email Authentication tool-free for three months to community banks and their commercial banking customers.

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Iron Mountain

Digital document management and timely destruction.

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Ncontracts's pandemic/business continuity resource page contains educational materials and Ncontinuity, the comprehensive Business Continuity Management tool, has been updated with workflow tools specific to the pandemic.

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Quantivate has developed a Pandemic Plan Template that includes a plan structure overview, pandemic planning phases, planning checklists for executive, operations, and more.

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COVID-19 and TPRM Consideration Resources website offers a wide range of resources including webinars, articles, checklists, and more.

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Agora Services

To help community banks during COVID-19, we have waited our setup fee and will defer billing for three months.

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With the COVID-19 crisis, banks currently utilizing their ICBA membership benefit receive programs including sensitive and understanding verbiage, followed by a commitment and desire to keep the lines of communication open.

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Botdoc is allowing up to 15 users to use Botdoc for free for 60 days to help community bankers begin securely exchanging documents within 15 minutes, even when working remotely.

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Dell offers “Work From Home Bundle Specials” that include 5% discounts on commonly used telecommuting equipment.

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Provides content from experienced community bank C-suite members to help community banks prepare for and navigate what is on the near-term horizon.

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Fintel Connect

We work with the banks to acquire new customers for the digital account opening products on a performance basis.

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Finzly is offering a free account opening solution for community banks to enable customers to continue receiving their banking services.

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Griffin Technologies

Via behavioral insights and search keyword re-targeting, Griffin Technologies provides community banks an affordable option to reach small business owners searching for small business loans and similar services.

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White labeled, our platform can be branded by the ICBA member bank and they can feature specific local charities such as food banks that are helping those most affected by COVID-19.

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KapitalWise artificial intelligence (AI) platform analyzes data from a variety of sources with the goal of detecting changes in their financial condition, predicting their characteristics and preferences.

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Kasasa will waive monthly licensing fees on website and online account opening solutions for new banks joining through June 1, 2020.

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Main Street Inc.*

Sample social post copy, downloadable imges, and resource links to communicate with account holders.

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VGM Forbin

Ringcentral communication platform allows remote phone systems and video conferencing capabilities with remote roll-outs within 24-48 hours.

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