CBA Statement on Updated Small Business Loan Guidance

CBA Statement on Updated Small Business Loan Guidance

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement on the updated guidance issued on the implementation of the Paycheck Protection Program, which is scheduled to start tomorrow and will be administered through the SBA 7(a) loan program:

“Banks have been readily working around the clock to support their customers since this pandemic started. We know Americans are struggling both physically and financially and are eager to ensure assistance funds authorized by Congress go to small businesses and their employees as quickly as possible.

“Having just received guidance outlining how to implement a $349 billion program literally hours before it starts, we would ask for everyone to be patient as banks move heaven and earth to get a system in place and running to help America’s small businesses and the millions of men and women who work at them.”

NOTE: Interested small businesses can learn more about participation in the Paycheck Protection Program here and more information on the Coronavirus Aid, Relief, and Economic Security (CARES) Act is available here. Of the 100 most active Small Business Administration 7(a) lenders, members of the Consumer Bankers Association make the majority of the total volume.

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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.