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The SBA's release of Paycheck Protection Program loan data confirms that community banks have led the way in supporting the economic recovery in local communities, ICBA's Noah Yosif writes in Main Street Matters.
In the new post, ICBA's assistant vice president of economic policy and research offers five key takeaways from the data release. For instance, community banks delivered the most PPP loans to minority-owned, women-owned, and veteran-owned small businesses while serving 98.2 percent of low-income or economically distressed counties.
"Community banks have always maintained an outstanding record of service to the small businesses on Main Street nationwide," he writes. "PPP merely provided another opportunity to demonstrate their capabilities and commitment."
With the Senate debating the next stimulus package, ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge Congress to advance needed PPP reforms as well as capital, accounting, and tax relief.