PPP loan forgiveness tops $38B

The Small Business Administration said it has forgiven 367,321 Paycheck Protection Program loans worth $38.4 billion as of noon Sunday. In a new section of its PPP webpage, the agency also said it has received 595,144 loan submissions worth $83.2 billion.

ICBA is calling on community bankers to continue pressuring Congress to include PPP reforms in the next economic stimulus package, such as simplifying forgiveness, addressing the conflict with EIDL advances, and excluding PPP loans from regulatory asset thresholds.

More information on the lame-duck Congress is available in ICBA's 2020 election analysis and the latest Community Bank Briefing webinar.