ICBA, VACB Earn Major Victory for Their Communities in PPP Reauthorization
State community bank trade associations including the Virginia Association of Community Banks (VACB) joined the Independent Community Bankers of America (ICBA) and state community bank associations across the nation to win designated funding in the next round of the Paycheck Protection Program for small businesses in their communities.
Advocating tirelessly over the past several days, community bank advocates gained a set-aside allocation of at least $60 billion in PPP funds, to help ensure that small businesses across the nation have access to PPP loans through their local community bank.
Community bank commitment to funding small business through the first round of PPP was recognized by national media, highlighted by news stories, and validated by the data. They were disproportionally successful in securing loans for their local small businesses. Despite that, community bank advocates had to overcome the objections of the nation’s largest banks to ensure that small businesses receive access to the support they need, as Congress intended when the PPP was created, and community bankers prevailed for their communities.
We applaud members of Congress for recognizing the vital role community banks serve in supporting Main Street businesses, and for listening to the advocacy of ICBA and VACB, so that community banks have the funds they need to bolster local lending during this challenging time.
Advocating tirelessly over the past several days, community bank advocates gained a set-aside allocation of at least $60 billion in PPP funds, to help ensure that small businesses across the nation have access to PPP loans through their local community bank.
Community bank commitment to funding small business through the first round of PPP was recognized by national media, highlighted by news stories, and validated by the data. They were disproportionally successful in securing loans for their local small businesses. Despite that, community bank advocates had to overcome the objections of the nation’s largest banks to ensure that small businesses receive access to the support they need, as Congress intended when the PPP was created, and community bankers prevailed for their communities.
We applaud members of Congress for recognizing the vital role community banks serve in supporting Main Street businesses, and for listening to the advocacy of ICBA and VACB, so that community banks have the funds they need to bolster local lending during this challenging time.
Does Your Bank Need PPE Items?
We have the source
If your bank or company needs PPE supplies, our Associate Member Source4 has you covered.
Source4 has the following items available:
Source4 has the following items available:
- Face Masks and Gloves
- Hand Lotions
- Clorox wipes
- Counter Barriers
- Janitorial Supplies
A Message from ICBA's President & CEO Rebeca Romero Rainey
Agencies Issue PPP Loan Forgiveness Application
After sustained ICBA and community banker advocacy, the Small Business Administration and Treasury Department tonight released the Paycheck Protection Program Loan Forgiveness Application and instructions.
The application form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the CARES Act. The SBA also said it will also soon issue regulations and guidance to help borrowers complete their applications and inform lenders of their responsibilities.
The form and instructions include:
Community bankers who continue to have trouble with the SBA's E-Tran and SBA Connect Lender Gateway portals can direct assistance questions to the SBA at 833-572-0502 or cls@sba.gov. Additional guidance and resources are available on Treasury’s PPP webpage and ICBA's COVID-19 resource center.
ICBA will continue to keep you informed of the latest updates on the PPP. Thank you for all you are doing to meet the needs of your customers and communities during this challenging time.
Sincerely,
After sustained ICBA and community banker advocacy, the Small Business Administration and Treasury Department tonight released the Paycheck Protection Program Loan Forgiveness Application and instructions.
The application form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the CARES Act. The SBA also said it will also soon issue regulations and guidance to help borrowers complete their applications and inform lenders of their responsibilities.
The form and instructions include:
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles.
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after borrowers received their PPP loan.
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.
- Statutory exemptions from loan forgiveness reduction based on rehiring by June 30.
- The new exemption for borrowers whose good-faith, written offers to rehire workers were declined.
Community bankers who continue to have trouble with the SBA's E-Tran and SBA Connect Lender Gateway portals can direct assistance questions to the SBA at 833-572-0502 or cls@sba.gov. Additional guidance and resources are available on Treasury’s PPP webpage and ICBA's COVID-19 resource center.
ICBA will continue to keep you informed of the latest updates on the PPP. Thank you for all you are doing to meet the needs of your customers and communities during this challenging time.
Sincerely,
President & CEO
Independent Community Bankers of America
Independent Community Bankers of America
Need A Community Bank? We have you covered - Click HERE
Coronavirus Resources
Visit this ICBA site daily! Find valuable updates on all things coronavirus related: regulatory guidance, legislative activity, disease-related resources, and ICBA content created specifically for community banks.
VACB Meetings Re-Scheduled & New Offerings
These sessions have been added:
As more bankers are working remotely, VACB has put together several timely programs being offered as virtual, live programs.
Second Quarter Compliance Forum Meetings - Stay tuned to see the innovative program VACB and Patti Joyner are working on for our early June Compliance Forum meetings!
As more bankers are working remotely, VACB has put together several timely programs being offered as virtual, live programs.
Second Quarter Compliance Forum Meetings - Stay tuned to see the innovative program VACB and Patti Joyner are working on for our early June Compliance Forum meetings!
The following sessions have been rescheduled:
VACB Essentials of Banking - Sessions 1 & 2 will now be held May 27 & 28 and Sessions 3 & 4 will be held June 9 & 10
VACB Compliance Forum Institute - Now being held July 22 - 24 in Staunton. We will BEGIN with registration at 12:30 pm and the meeting at 1:00 pm. Please refer to the information on the Calendar Tab of the website for all the details.
Bank Directors' Symposiums These are being postponed and will be rescheduled for September. The Southwest Meeting will be Tuesday, September 8 at Hotel Roanoke and the Central Meeting will be September 9 at the Hilton Richmond Hotel & Spa.
VACB Essentials of Banking - Sessions 1 & 2 will now be held May 27 & 28 and Sessions 3 & 4 will be held June 9 & 10
VACB Compliance Forum Institute - Now being held July 22 - 24 in Staunton. We will BEGIN with registration at 12:30 pm and the meeting at 1:00 pm. Please refer to the information on the Calendar Tab of the website for all the details.
Bank Directors' Symposiums These are being postponed and will be rescheduled for September. The Southwest Meeting will be Tuesday, September 8 at Hotel Roanoke and the Central Meeting will be September 9 at the Hilton Richmond Hotel & Spa.
