House sends PPP extension to President Trump

Rebeca Romero RaineyDear Community Banker:

The House just passed bipartisan legislation to restart the Paycheck Protection Program and dedicate funding exclusively to community banks, sending it to President Trump to be signed into law.

The bill authorizes an additional $310 billion in PPP funds with at least $60 billion set aside for loans made by community banks. Specifically, it dedicates at least $30 billion for loans from institutions under $10 billion in assets and another $30 billion for those with between $10 billion and $50 billion in assets.

The allocations reflect repeated ICBA and community banker calls for policymakers to quickly pass a PPP funding extension and dedicate at least a quarter of the funds for loans from community banks under $50 billion in assets. ICBA has also urged the Treasury Department and SBA to immediately prepare to administer the community bank funding allocation.

Our understanding is that the SBA systems will go live shortly after President Trump signs the bill into law. We will keep you posted as we learn more from the agencies as they begin restarting the PPP and allocating funds. More information on the program and other elements of the federal response to the COVID-19 emergency is available on ICBA's online resource center.

Meanwhile, with more than 12,000 community banker messages to Congress advocating a PPP extension with a community bank allocation, we thank you for making your voice heard in Washington—and for continuing to serve your local customers and communities during this challenging time.

Rebeca Romero Rainey
President & CEO