ICBA is urging community bankers to use its Be Heard grassroots action center to urge their members of Congress to make needed changes to the Paycheck Protection Program if it is extended beyond March 31.
Approximately 90 million stimulus checks have been disbursed to Americans, the Department of Treasury, Internal Revenue Service, and the Bureau of the Fiscal Service announced Wednesday, totaling over $242 billion in payments.
The first tranche of new Economic Impact Payments sent through the ACH Network is effective today. In a joint statement, ICBA and other financial services groups clarified that the March 17 payment date was chosen by the IRS—not the banking industry.
Farm banks are vital to U.S. agricultural producers and rural communities, holding 44 percent of bank-held agricultural loans despite holding just 2 percent of U.S. bank loans, according to a new FDIC report.
ICBA thanked policymakers for introducing The PPP Extension Act of 2021, which pushes the application deadline until May 31 and creates a second deadline of June 30 for the Small Business Administration to clear the thousands of Paycheck Protection Program loan applications in process.
The Small Business Administration on Friday updated its frequently asked questions as well as its guidance concerning how to calculate revenue reduction and maximum loan amounts for first- and second-draw Paycheck Protection Program loans.