CBA Statement on PPP Reopening
CBA Statement on PPP Reopening
“We are just as committed now as we were last year to helping every small business in need receive the necessary relief to survive the economic effects of this pandemic.”
WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement ahead of the Paycheck Protection Program’s reopening:
“Banks are prepared once again to assist millions of small businesses through this next round of PPP when the portal is accessible to CBA members, likely not until the week of January 18 due to the staggered reopening.
“Within the span of a few months, thousands of bankers worked around the clock to put the full force of the industry into supporting businesses on Main Street and as a result of those tireless efforts distributed decades worth of small business loans in just a matter of months. Some banks dedicating more than a third of their entire workforce to the operation and virtually every bank participating worked literally 24/7 in shifts and at home, to process applications and deliver much-needed assistance, overcoming crippling technical issues and unclear, missing and ever-evolving guidance throughout the program.
“CBA member banks started preparing for this next round of PPP more than a month ago and appreciate SBA issuing guidance before reopening the portal next week. Major changes, however, were made to the program’s operations making this new round much more than a simple, straight-forward reboot. Banks, having received some initial guidance and still awaiting other key details, are currently being forced to rework the systems and technology used during the first two rounds of PPP loans.
“The banking industry as well as SBA have a shared goal of making this process run smoother than the initial round of PPP and we are just as committed now as we were last year to helping every small business in need receive the necessary relief to survive the economic effects of this pandemic.”
NOTE: The CBA-led coalition sent a letter to Secretary Mnuchin and Administrator Carranza urging expeditious issuance of final guidance and rules ahead of reopening PPP to ensure operational clarity and efficiency.
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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.
