CBA Statement on PPP Changes

February 22, 2021
Nick Simpson

CBA Statement on PPP Changes

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt today issued the following statement applauding the effort to help the smallest businesses receive Paycheck Protection Program loans and also called on the Small Business Administration to address underlying issues in the program which are preventing more businesses from receiving relief:

 

“Banks are serving and will continue serving the smallest businesses in the country, especially those in LMI areas, through the Paycheck Protection Program and appreciate the SBA and the Administration’s actions to help make the process somewhat easier for these businesses. CBA members currently make up 10 of the top 15 SBA PPP lenders responsible for more than $23 billion in small business assistance during this round of PPP.

 

“However, without addressing issues lenders have raised since the program reopened, like streamlining some of the bookkeeping requirements imposed by Congress and addressing issues with the SBA’s internal processing systems, this two-week window will not fundamentally alter the roadblocks businesses are facing. It is like giving everyone a train ticket on an unfinished railroad.”

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.