ICBA Statement on Paycheck Protection Program Extension

ICBA Press Release Banner 2020

Washington, D.C. (July 2, 2020) — Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey released the following statement on congressional passage of legislation to extend the Paycheck Protection Program through Aug. 8.

"As the nation's top small-business lenders and leading Paycheck Protection Program participants, community banks will continue working to meet the needs of their customers and local communities.

"Community banks have been an economic lifeline to local communities during the COVID-19 pandemic, including through their participation in the Paycheck Protection Program. Combined, they account for more than 66 percent of PPP loans and 63 percent of the program's approved dollar amount, according to SBA data.

"While community banks will continue supporting their local economies, we are also advocating additional reforms to include in the next COVID-19 relief bill to support small businesses and jobs in rural, suburban, and urban markets. In addition to a more straightforward approach to PPP loan forgiveness, ICBA and community bankers also encourage Congress to advance capital and accounting relief, liability protection, tax reform, agricultural support, and more.

"ICBA and the nation's community banks will continue working with Congress and the Trump administration to implement policies that will help local communities recover economically from the COVID-19 pandemic."