Washington, D.C. (Dec. 21, 2020) — The Independent Community Bankers of America (ICBA) thanked Congress for passing compromise economic stimulus legislation with ICBA-advocated provisions supporting local communities.
"ICBA and the nation's community bankers helped secure important provisions that will directly support local economies," ICBA President and CEO Rebeca Romero Rainey said. "As the predominant Paycheck Protection Program lenders, community banks have been an economic lifeline to local communities and strong advocates for solutions that will have a meaningful impact on small businesses and jobs in rural, suburban, and urban markets."
ICBA-advocated provisions in the stimulus package will:
- Simplify Paycheck Protection Program loan forgiveness.
- Fully forgive Economic Injury Disaster Loan advances
- Support a new round of PPP lending.
- Allow tax deductibility of business expenses paid with PPP funds.
- Extend troubled debt restructuring relief.
- Provide agricultural sector support.
According to Small Business Administration data, community banks made more than 65 percent of PPP loans and served nearly 60 percent of PPP recipients, which saved an estimated 33.7 million jobs. The stimulus package passed today will help to continue supporting consumers and small businesses amid the ongoing coronavirus pandemic.
ICBA looks forward to continuing to work with policymakers to implement these critical policies as quickly as possible.
About ICBA
The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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