Independent Banker - June 2020 - 12

CURRENCIES
7
ICBA members and staff in the news
Sightings
Q ICBA president and CEO Rebeca Romero Rainey
sent a letter about the Paycheck Protection Program
(PPP) to Treasury secretary Steve Mnuchin and
Small Business Administration (SBA) administrator
Jovita Carranza on April 4 that was covered by the
New York Times, NPR, The Wall Street
Journal and Politico, among other
national publications. Following
the letter, the SBA decided to
double the PPP's interest rate-from
0.5% to 1%-making these loans more
economically feasible for community banks.
Q ICBA chairman Noah Wilcox took to Instagram
Live to do a live Q&A with Rebecca Jarvis, the chief
business, technology and economics correspondent
of ABC News. During the April 24
interview, the two discussed how
community banks have been off ering
small business customers loans through
the PPP.
Q Adding context to the PPP confusion, Paul Merski,
ICBA's executive vice president of congressional
relations and strategy, told USA Today in an
interview that the SBA typically does
$30 billion in loans in an entire year,
so the program-with an $349 billion
in funding, plus another $310 billion
infusion-was bound to see delays
among borrowers. He said that the SBA's
enrollment of banks has also added to these delays.
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Independent Banker - June 2020

Table of Contents for the Digital Edition of Independent Banker - June 2020

Table of Contents
Independent Banker - June 2020 - Intro
Independent Banker - June 2020 - Cover1
Independent Banker - June 2020 - Cover2
Independent Banker - June 2020 - Table of Contents
Independent Banker - June 2020 - 2
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Independent Banker - June 2020 - Cover3
Independent Banker - June 2020 - Cover4
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