ICBA on PPP extension: Community banks a lifeline

ICBA said community banks will continue working to meet the needs of their communities after Congress passed and President Trump signed a law extending the Paycheck Protection Program application deadline.

In a statement, ICBA President and CEO Rebeca Romero Rainey said community banks have been an economic lifeline to local communities during the COVID-19 pandemic, including through their participation in the PPP.

Congress passed legislation extending the PPP application deadline until Aug. 8 hours after the SBA stopped accepting PPP applications last week. The SBA has roughly $130 billion in remaining PPP funds.

In her statement, Romero Rainey said ICBA and community banks continue advocating reforms to include in the next COVID-19 relief bill, including a more straightforward approach to PPP loan forgiveness as well as capital, accounting, and tax relief.

Community bankers can continue using ICBA's Be Heard grassroots action center to provide Congress with the full slate of recommended reforms to include in the next relief bill.