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Just as community bankers are working nonstop to support their local customers and communities amid the coronavirus outbreak, ICBA is working around the clock and committed to getting you the facts and resources you need as soon as possible so you can focus on running your bank.
To that end, we want you to be the first to know that Treasury Department just released initial information and resources with more to follow on the Small Business Administration's $349 billion lending program under the Coronavirus Aid, Relief, and Economic Security Act.
The new Paycheck Protection Program expands the SBA's 7(a) loan program to help small businesses cover their near-term operating expenses and retain employees. As more information is available, we will get it to you as quickly as possible.
While speculation and misinformation have been circulating, the resources help provide some answers. Further, ICBA staff will answer questions about the program at its next Community Bank Briefing scheduled for 11 a.m. (Eastern time) this Friday.
ICBA has been at the table from the beginning, in phone calls and meetings with the Congress, White House, Treasury Department, and SBA, to shape this program and ensure community banks can participate in a user-friendly way.
Thanks to relentless advocacy, the CARES Act also includes tax relief; authority for the FDIC to provide full deposit insurance coverage for transaction accounts; troubled debt restructuring, Current Expected Credit Losses, and Community Bank Leverage Ratio relief; and other ICBA-advocated measures.
With much more information to come on these and other programs, ICBA will continue working to ensure you have the facts and the latest resources to help your customers while containing COVID-19's economic damage in your local communities.
The entire ICBA family thanks you for your continued commitment and wishes you safety and health as we work together to persevere through this challenging time.
Sincerely,
Rebeca Romero Rainey
President and CEO
Independent Community Bankers of America