Senate passes PPP extension with community bank allocation

By Rebeca Romero Rainey

Dear Community Banker:

The Senate just passed bipartisan legislation that includes an additional $310 billion to restart the Paycheck Protection Program and an ICBA-advocated minimum of $60 billion set aside for community banks.

The legislation responding to the COVID-19 outbreak dedicates at least $60 billion of the PPP funds to community financial institutions, including 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.

ICBA and the nation's community bankers have repeatedly called on policymakers to quickly pass a PPP funding extension and dedicate at least a quarter of the funds to community banks under $50 billion in assets. In addition, ICBA today urged the Treasury Department and SBA to begin preparing to administer the community bank funding allocation.

With the bill headed to the House for a final vote later this week, ICBA continues calling on community bankers to urge Congress to immediately approve the additional PPP funding and community bank allocation. ICBA offers a custom message to lawmakers on its Be Heard grassroots action center.