Main Street Matters Blog

With the pandemic representing a turning point in payments, community banks must take steps now to embrace digital channels without sacrificing the personal support customers expect from their community bank relationship.

The Small Business Administration last night issued two interim final rules on Paycheck Protection Program requirements.

The Small Business Administration just released long-sought guidance on submitting the initial SBA Form 1502 for Paycheck Protection Program loans. Lenders are required to submit the form to report on PPP loans and collect the processing fees on fully disbursed loans.

Necessity truly is the mother of invention. Community banks have all felt that over the past few weeks as they’ve implemented new innovations in response to the Paycheck Protection Program. But now we’ve moved into phase two: servicing these loans, which presents a new set of challenges.

Community banks had to beef up what they had in place and get creative to adequately address how to serve their customers amid a shutdown. And as the pandemic’s reach expanded, so too did the need to highlight the utility and usage of their digital offerings.

As parts of our country prepare to “reopen for business” what constitutes the new normal for our nation’s community banks will depend on several parameters. These include local pandemic conditions, state and federal guidance, business requirements and the needs of the local communities they serve.

What does $349 billion in government funding look like for an individual small business? A lifeline, according to many of the small businesses that applied for loans through the first round of the Small Business Administration’s Paycheck Protection Program.

More often than not, we don’t stop to recognize the good things that happen to our bank, employees, customers or communities. They tend to get lost in our day-to-day operations. So, why not get the year off to a positive start by embedding celebration into your culture? test

The Small Business Administration just announced that to ensure access for the smallest lenders and their small-business customers, its systems will only accept Paycheck Protection Program loans from lenders with less than $1 billion in assets between 4 p.m. and 11:59 p.m. (Eastern time) today, Wednesday, April 29

Community banks have always demonstrated courage and commitment in helping customers thrive in good times and in adversity. As bankers well know, with every crisis comes opportunity — and harnessing opportunities requires preparation.