CURRENCIES QUICK STATS Delivering PPP relief Small Business Administration (SBA) data of 2021 Paycheck Protection Program (PPP) loans reveals that community banks are once again driving this stimulus. NEWS ICBA members join FedNow pilot program More than 100 financial institutions and other organizations are taking part in a Federal Reserve pilot program to support development of the FedNow Service, its forthcoming real-time payments network. Many ICBA member community banks appear on the list of 51% of first and second draw PPP loans were made by community banks with less than $10 billion in assets FedNow Pilot Program participants, which were selected from its FedNow Community group of payments industry leaders. The Fed reports that the pilot will help define what the service will be, develop a roadmap for adoption and craft an overall instant payments strategy. Community banks that aren't in the pilot can provide $39.4 billion The value of first and second draw PPP loans made by community banks with less than $10 billion in assets feedback on FedNow's development by joining the FedNow Community. Go to frbservices.org/financial-services/fednow to sign up. " We're gratified by the industry's tremendous interest and willingness to devote time and energy to help us develop the FedNow Service, " said Esther George, president and CEO of the Federal Reserve Bank of Kansas City and executive sponsor of the Federal Reserve's payments improvement initiatives. " As a result, we've adjusted to accommodate more participants than we originally planned. " On the heels of that announcement, the Fed also announced that it has moved up its planned industrywide launch of FedNow a full year to 2023. This puts the time frame of delivery between 2023 and 2024. The Fed said development is well underway. How the FedNow payment system will work FedNow Service $86,933 The average loan size of 2021 PPP loans from banks with less than $10 billion in assets Source: Small Business Administration data published Jan. 31, 2021 14 Q ICBA Independent Banker Q March 2021 Payment sender Originator's financial institution Federal Reserve banks Beneficiary's financial institution Payment recipient Source: The Federal Reservehttp://www.frbservices.org/financial-services/fednow