Consumer & Business Response

Disasters are unpredictable and can be devastating to a community. But there is a lot your bank can do to help prepare your customers for these events.

Help Consumers Prepare for a Natural Disaster

Disasters are unpredictable and can be devastating to a community. But there is a lot your bank can do to help prepare your customers for these events.

Share these tips:

  • Store important documents such as proof of identity, property ownership, insurance policies, bank and investment account information, and three years of tax returns in a bank safe-deposit box. Encase these items in plastic bags to prevent moisture.
  • Prepare additional copies of critical documents such as birth certificates, adoption papers, marriage licenses and the deed to your home for safekeeping and inform a trustee, relative or attorney of their location.
  • Print out key contact information for executors, trustees and guardians and store it in a secure location, either in your safe-deposit box or with a close relative.
  • Inventory personal and household valuables (take photos and keep receipts) to help evaluate replacement costs.
  • Include surplus cash, preferably small bills, in your home emergency kit. The kit should also include a three-day supply of food and water, a first aid kit, can opener, radio, flashlights and batteries.
  • Create digital copies, which can serve as a supplement or backup to paper documents.  Scanned or electronic documents can be uploaded with secure online backup services.
  • Contact your insurance agent or visit the Federal Emergency Management Agency’s website to determine if a flood insurance policy is right for you.

House members urge SBA to change PPP loan forgiveness policy

Sep. 16, 2022

A group of House members led by Rep. Chrissy Houlahan (D-Pa.) sent an ICBA-supported letter to the Small Business Administration calling for common-sense reform to Paycheck Protection Program loan forgiveness.

Joint Letter: The letter calls on the SBA to forgive PPP loans in which the loan amounts were miscalculated due to good-faith errors. There are more than 300,000 PPP borrowers facing financial hardship due to good-faith loan amount miscalculations, it says.

ICBA Position: ICBA expressed support for the joint letter. “The SBA should forgive excess loan amounts in cases in which errors were made in good faith and the loans were used for forgivable uses, to avoid imposing unexpected debt on small businesses that did their part to pay employees and serve customers during the worst of the pandemic,” ICBA President and CEO Rebeca Romero Rainey said.

Background: According to SBA policy, excess loan amount errors that exceed the borrower’s correct maximum loan amount are not eligible for loan forgiveness and must be repaid, even if they were spent on forgivable uses during the covered period.