Washington, D.C. (April 27, 2020)—Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued the following statement urging the Treasury Department and Small Business Administration to allow community banks access to the SBA’s Paycheck Protection Program loan-processing system and to provide much-needed answers to today’s technical issues with the PPP relaunch.
“After working tirelessly to get ready for the second round of PPP funding for their customers and communities, most community banks found themselves continually kicked out of the E-Tran system this morning after the program’s relaunch went live. It is unacceptable for community banks to be locked out when their customers need them most. Community banker frustration is exacerbated by the lack of clear information coming from the SBA and Treasury Department. This dearth of information is leaving community bankers and their customers concerned about preferential treatment for the very largest banks. We urge President Trump, Treasury Secretary Mnuchin and SBA Administrator Jovita Carranza to provide community banks with information about the situation and let us know when the system will work. Congress was very clear in their intent that this second round of PPP funding better serves community lenders and their local small business customers. Timing is critical, and Treasury and SBA should deploy a better solution to help the customers and communities we serve during this challenging time.”
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
# # #