Washington, D.C. (May 6, 2020)—The Independent Community Bankers of America® (ICBA) is calling on the Treasury Department and Small Business Administration to provide additional guidance to community banks and their borrowers on the process for obtaining forgiveness of Paycheck Protection Program loans.
"Community banks have worked diligently to help ensure the Paycheck Protection Program is providing credit to small businesses nationwide," ICBA President and CEO Rebeca Romero Rainey said today. "The rules and guidance on Paycheck Protection Program forgiveness must be clear and reliable so small businesses can make informed decisions in using PPP funds. The current lack of clarity is inhibiting critical spending, and only clear and reliable guidance will allow the program to reach its potential."
In a letter to Treasury and the SBA, ICBA called on the agencies to:
Community banks have been prolific PPP lenders and instrumental in meeting the needs of small businesses during the COVID-19 emergency. ICBA will continue working with Treasury and the SBA to address their questions and concerns related to the program's forgiveness phase.
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.
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