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The SBA will soon release a portal to accept Paycheck Protection Program loan-forgiveness applications, Administrator Jovita Carranza told the House Small Business Committee. The SBA is working with the Treasury Department to offer the portal by the beginning of August, she said.
Also at the hearing, Treasury Secretary Steven Mnuchin said Congress should consider automatically forgiving smaller PPP loans. ICBA strongly supports bipartisan legislation to forgive PPP loans under $150,000, which is among ICBA's recommendations for the next economic stimulus legislation set for debate this week.
ICBA and 42 state community banking associations last week issued specific recommendations for the stimulus package. Community bankers can use ICBA's Be Heard grassroots action center to urge Congress to advance the policies, which include additional PPP reforms as well as capital, accounting, and tax relief.
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A recent report by the Institute for Local Self-Reliance shows how vital community banks have been to the COVID-19 response, ICBA President and CEO Rebeca Romero Rainey wrote in Main Street Matters.
ImageJul 20, 2020
The Council on Environmental Quality issued an ICBA-supported final rule to exempt USDA and SBA guaranteed loans from proposed environmental impact statement requirements under the National Environmental Protection Act.
ImageJul 20, 2020
ICBA and 42 state community banking associations issued specific recommendations for the next economic stimulus package as Congress prepares new legislation. Meanwhile, community bankers can weigh in via ICBA's Be Heard grassroots action center.
ImageJul 17, 2020
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