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Find the latest news, FAQs, agency responses, media resources, and information on hurricane preparedness, industry responses to the coronavirus pandemic, PPP lending and much more here.
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.
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.
The Consumer Financial Protection Bureau reported on more than 8,000 complaints it received from January through May that mention the coronavirus or related terms. Mortgage, credit card, and credit or consumer reporting complaints top the list.
As the leaders in responding to the economic fallout of COVID-19 and responsible for two-thirds of Paycheck Protection Program loans, community banks today provided Congress with recommendations for the next economic stimulus package.
Community bankers across the country have worked tirelessly to deliver PPP loans quickly and successfully on behalf of thousands of small businesses. PPP loans could be a lifeline for borrowers, if the terms for forgiveness are flexible and realistic, reflecting the complexity and variability of the current business environment.
With the Senate set to begin debating the next economic stimulus package next week, ICBA is calling on community bankers to use its Be Heard grassroots action center to weigh in with recommendations.
