One Year After CARES Act Became Law, CBA Recognizes Invaluable Role Banks Have Played

March 26, 2021
Allison Heimberg

One Year After CARES Act Became Law, CBA Recognizes Invaluable Role Banks Have Played

“Banks will continue working tirelessly to get Americans back on their feet and the economy back on track.”

 

WASHINGTON – In advance of the one-year anniversary since the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020, Consumer Bankers Association President and CEO Richard Hunt issued the following statement recognizing the role the banking industry has played in supporting consumers and small businesses facing unprecedented financial hardship as a result of the COVID-19 pandemic:

 

Over the past year, banks across the country have moved heaven and earth to support the American people. When COVID-19 first hit our communities, the nation’s banks immediately mobilized assistance programs and were eager to implement pending federal programs included in the CARES Act. Once the bill was signed into law, banks stepped up to serve as a source of strength and took on the herculean task of distributing hundreds of billions of dollars of vital assistance to small businesses and consumers through the Paycheck Protection Program and the delivery of Economic Impact Payments.

 

“The banking industry in coordination with the Small Business Administration was able to make more than two decades worth of SBA loans in a matter of months, saving millions of jobs. Some banks dedicated more than one third of their entire workforce with nearly every banker working around the clock to process applications and deliver much-needed assistance – all while overcoming crippling technical issues and unclear, missing and ever-evolving guidance throughout the program.

 

“During this time, banks also served as advocates for small businesses, with the CBA-led coalition of 150+ associations pushing to streamline the overly complicated and burdensome application process for PPP loan forgiveness. This coordinated effort led Congress to pass legislation simplifying the forgiveness process for loans less than $150,000, amounting in the equivalent of $7 billion of additional small business relief.

 

“Despite many of the challenges tied to the CARES Act, I believe this past year will be remembered as the one of the finest chapters written in the book of American banking. CBA is proud of the industry’s unwavering commitment to championing these vital programs and overcoming hurdles along the way. Banks will continue working to get Americans back on their feet and the economy back on track as we inch closer to reaching the other side of this pandemic.”

 

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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.