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Many small businesses have switched from large banks to community banks amid the COVID-19 pandemic because of their successful implementation of the Paycheck Protection Program, The Wall Street Journal reported.
The article notes that community banks punched above their weight when it came to the PPP, with banks under $10 billion in assets accounting for 14 percent of banking industry assets but 52 percent of PPP loans and 44 percent of approved funds.
In a recent Main Street Matters post, ICBA's Noah Yosif broke down PPP loan data confirming that community banks have led the way in supporting the economic recovery in local communities.
With Congress debating the next stimulus package, ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge Congress to advance PPP reforms as well as capital, accounting, and tax relief.