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Congressional leaders announced the outline of a deal for an economic stimulus package and year-end spending bill, with passage expected as soon as today.
While full details of the stimulus agreement are still emerging, a limited summary released by congressional Democrats cites $284 billion in Paycheck Protection Program funding, PPP funds dedicated for loans from community-based institutions, expanded PPP eligibility, and more than $25 billion for other SBA programs.
The deal also includes another round of Economic Impact Payments: $600 for individuals making up to $75,000 per year, $1,200 for couples making up to $150,000 annually, and $600 for each child dependent.
Congress announced the deal Sunday before approving a one-day spending bill to keep the government running until today. The House and Senate need to vote to approve the package to send it to President Trump to be signed into law.
ICBA has continued to press lawmakers through the weekend to include PPP forgiveness simplification, an EIDL Advance fix, and a TDR relief extension through 2021. ICBA will continue reviewing and keeping community bankers apprised of the details as they are available, including the ICBA-advocated provisions.
ICBA President and CEO Rebeca Romero Rainey called on community bankers to contact Congress and engage small-business customers on the growing conflict between PPP loans and Economic Injury Disaster Loan advances.
While ICBA works with policymakers to address Economic Injury Disaster Loan Advance deductions from PPP forgiveness amounts, it continues encouraging community bankers and their small-business contacts to weigh in with Congress.