Pandemic Relief Recommendations

Pandemic Relief Recommendations State Sign-on Letter

Late last week, ICBA drafted a letter that was sent to Senate Majority Leader McConnell, Senate Minority Leader Schumer, Speaker Pelosi, and House Minority Leader McCarthy on behalf of our community bank members urging Congress to include ICBA’s recommendations in the next legislative package to create relief for American small businesses impacted by COVID-19 and the millions of people they employ. The ICBSD signed on and endorsed this letter. These recommendations were developed in consultation with community bankers from across the country representing rural, suburban, and urban markets. These recommendations include:

  • Simplified Forms and Procedures for Paycheck Protection Program Loan Forgiveness (strong support for S. 4117),
  • SBA Purchase of Residual PPP Loans at Par,
  • Preserving Expense Deduction for PPP Borrowers,
  • Enacting Bank Capital and Accounting Relief measures,
  • Liability Protection for businesses from COVID-19 related lawsuits,
  • Support Agricultural Lending,
  • Expanding Employee Retention Tax Credit,
  • Industrial Loan Company Moratorium,
  • Mortgage Lending
  • Support for Local Regions,
  • Financial Assistance to the Farm Sector, and
  • Enhancing USDA Guaranteed Lending Programs.