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CBA Statement on PPP Report
On Friday, October 16, 2020, CBA President and CEO Richard Hunt issued the following statement after the House Select Subcommittee on the Coronavirus Crisis majority issued its report on the Administration’s implementation of the Paycheck Protection Program:
“America’s financial institutions invested heavily in implementing the Paycheck Protection Program to help save mom-and-pop small businesses in every state and community across the country. The average loan size was approximately $100,000 and the average loan size for some of the nation’s largest banks was even lower, proving banks were able to reach those businesses most in need.
“The Members of Congress drafting this report are highlighting the issues directly related to the way they structured the program and banks raised with them and SBA during the breakneck implementation.
“At the end of the day, the goal was to get assistance to as many small businesses and their employees as quickly as possible and the thousands of bankers working around the clock to make decades worth of loans in a matter of months are proud of the work they did and continue to do to help customers and support small businesses during this pandemic.”