Community Bank Associations Nationwide Successfully Advocate for Additional Funding

Small Business Administration (SBA) Paycheck Protection Program (PPP) of at least $60 billion of PPP funds to help ensure small businesses across the nation have access to these loans through their local community banks.

News provided by

Community Bankers of Michigan

Apr 25, 2020, 20:00 ET

LANSING, Mich., April 25, 2020 /PRNewswire-PRWeb/ -- The nation's state community bank trade associations along with the Independent Community Bankers of America advocated tirelessly over the past two weeks to set aside an allocation within the Small Business Administration (SBA) Paycheck Protection Program (PPP) of at least $60 billion of PPP funds to help ensure small businesses across the nation have access to these loans through their local community banks. To accomplish this, we had to overcome the objections of the nation's largest banks to ensure that small businesses receive the support they need as Congress intended. Michigan bankers called and wrote to their Congressional Representatives and our United States Senators urging them to support additional funding for the SBA PPP to make sure many more Michigan small businesses gained access to the relief funds.

Michael Tierney, President and CEO of the Community Bankers of Michigan, commented "We applaud our members of Congress for recognizing the vital role Michigan community banks serve in supporting Main Street businesses and for listening to the advocacy of the ICBA, the Community Bankers of Michigan, and our Michigan bank executives to ensure our banks have the funds they need in the SBA PPP program to support the economic vitality of communities across the Great State of Michigan during this critical time."

About Community Bankers of Michigan
The Community Bankers of Michigan is a 250-member trade association serving community banks, and their financial services partners, throughout Michigan. With headquarters in East Lansing, Michigan, the Community Bankers of Michigan is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, professional education programs, and high-quality products and services. For more information visit cbofm.org. One Mission. Community Banks.

Media contact information:
Kate Angles, COO – (517) 336-4430, [email protected]
or
Michael Tierney, President and CEO, (517) 336-4430 [email protected]

SOURCE Community Bankers of Michigan