Months of relentless advocacy by ICBA and community bankers, with the support of their small business customers, helped secure ICBA-advocated provisions that will ensure continued support for consumers and small businesses amid the ongoing coronavirus pandemic, ICBA President and CEO Rebeca Romero Rainey said in a message to community bankers.
“Through tens of thousands of phone calls and direct messages to your members of Congress, you made your voices heard, community bankers, and once again Washington paid attention,” Romero Rainey wrote.
The message followed a national news release outlining the ICBA-advocated provisions in the stimulus package, which will:
- Simplify Paycheck Protection Program loan forgiveness.
- Fully forgive Economic Injury Disaster Loan advances, ending the EIDL debt trap.
- Support a new round of PPP lending.
- Allow tax deductibility of business expenses paid with PPP funds.
- Extend troubled debt restructuring (TDR) relief.
- Provide agricultural sector support.
A more detailed summary prepared by ICBA can be found here and will be updated with additional information as it is known.
ICBA will work closely with policymakers to implement these policies as quickly as possible.
