Main Street Matters Blog

Following this morning's relaunch of the Paycheck Protection Program, ICBA is hearing the many problems community bankers are having accessing Small Business Administration systems to process their PPP applications.

ICBA has confirmed that any Paycheck Protection Program applications received by lenders prior to today can be processed based on guidance in effect prior to today, April 25, 2020.

When times get tough, the tough get going. As cliched as that may be, nothing could be truer as we look to community banks’ response to the Small Business Administration’s Paycheck Protection Program.

The Treasury Department and Small Business Administration have released additional resources for Paycheck Protection Program lenders.

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 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 day-to-day workings of a bank do not cease simply because so many new challenges — thanks to COVID-19 — are coming our way. In fact, with customers more concerned than ever about their financial situations, community banks can and have been a primary source of assurance and comfort.

With concerns over the cleanliness of paper-based payment options like cash and checks, and limited in-person branch offerings, digital payments are gaining new traction as a safer way to make and receive payments.

The Treasury Department and Small Business Administration just answered key ICBA questions about the Paycheck Protection Program relating to bank directors, partnerships, self-employed borrowers, and more.

In the face of a global pandemic, it’s easy to be drawn into a doom-and-gloom mindset that focuses only on the negative. At ICBA, we know that out of the darkness light emerges, with community banks like you serving as bright spots.