Independent Banker - April 2021 - 61
How ICBA is advocating for pandemic relief
Everyone agrees that small businesses need
help to survive the COVID-19 pandemic,
but not everyone agrees on the best way to
help them.
ICBA is working with Congress to ensure the
community bank perspective is heard, making
recommendations that were developed
in consultation with community bankers
from across the country representing rural,
suburban and urban markets.
Steve Keen, ICBA's vice president,
congressional relations, says ICBA's
recommendations include new approaches,
as well as fixes to existing provisions.
These include:
* Allowing borrowers who have received
Paycheck Protection Program (PPP)
first-draw loan forgiveness to be eligible
to receive a first-draw loan increase
* Creating a percentage-based de
minimis test to define a level of
spending on ineligible PPP expenses
that would not disqualify a borrower for
a second-draw loan
* Permitting live-action venues eligible
for Save Our Stages grants to apply for
PPP loans while waiting to find out if
they will receive a grant
* Extending the PPP Lending Facility that
was set to expire March 31
* The Small Business Administration
purchasing any remaining
balance on a PPP loan at par from
originating institutions after the
forgiveness amount of the loan has
been determined
ICBA is also pushing for tax proposals to
support agricultural lending and preserve and
extend net operating loss provisions of the
Coronavirus Aid, Relief, Economic Security
(CARES) Act and to promote forbearance for
banks and their farm and ranch customers,
among other provisions.
The American Rescue Plan Act, the
$1.9 trillion stimulus package passed this
past month, included key provisions like the
expansion of PPP eligibility for nonprofits, an
additional $15 billion for the Economic Injury
Disaster Loan (EIDL) program, a $28.6 billion
Restaurant Revitalization Fund (including
$5 billion for the smallest businesses),
nearly $10 billion in financial assistance
for homeowners, and the extension of the
Employee Retention Credit from June 1 to
Dec. 31, 2021, among others.
Revenue decreases by industry
January 2020-February 2021
100
63% 29.6% 23.8% 16.6%
Retail and
Education
and health
services
transportation
Professional
and business
services
Hospitality
and leisure
industries
Source: Opportunity Insights' Economic Tracker (tracktherecovery.org), Feb. 10, 2021
independentbanker.org Q 61
http://www.tracktherecovery.org
http://www.independentbanker.org
Independent Banker - April 2021
Table of Contents for the Digital Edition of Independent Banker - April 2021
Table of Contents
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