Community Banks Ready to Deliver Another Round of Payroll Relief for Small Business
PACB applauds passage of 2nd round of payroll loans to help small-business workers
HARRISBURG (April 23, 2020) — On behalf of the Pennsylvania Association of Community Bankers (PACB), President and CEO Kevin L. Shivers today issued the following statement on legislation passed by Congress authorizing $310 billion in additional funding for small businesses and their employees through the Payroll Protection Program (PPP).
“Community banks delivered big for small business during the last round of payroll protection loans and they are ready to do it again,” said PACB president and CEO Kevin L. Shivers. “During the last round, Pennsylvania banks processed over $15 billion in loans that were delivered to over 69,000 small businesses over 14 days. We expect this new round of funds to be processed even faster.
“When the last round of funding ran out, PACB teamed-up with community bankers across Pennsylvania, our federal allies at the Independent Community Bankers of America and community banking state trade associations across the nation to aggressively lobby that the new funding tranche included $60 billion for the small-business customers of community banks. This will ensure small businesses in communities across Pennsylvania have a proportionate allocation of PPP funding.
“Pennsylvania’s community bankers are grateful for the leadership of US Sen. Pat Toomey, and the support of US Sen. Robert Casey, Jr., US Reps. Madeleine Dean (PA-04), GT Thompson (PA-15), and the other members of the Pennsylvania congressional delegation who voted for this new round of funds.”
The first round of $350 billion in PPP funding was included in the federal CARES Act was enacted last month. Over 1 million loans were processed across the nation over 14 days. Over 140 community banks are headquartered or do business in Pennsylvania.
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Founded in 1992, the PACB promotes and protects the community banking industry in Pennsylvania and the men and women who work every day to help make the financial dreams of residents in their communities become reality. To learn more, please visit www.pacb.org