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ADVOCACY UPDATE




​SPONSORED BY: 
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Congress votes to extend PPP

3/26/2021

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Congress today passed ICBA-advocated legislation to extend the Paycheck Protection Program ahead of its March 31 expiration.
 
Today's Senate vote—which followed last week's House passage—sends the extension to President Joe Biden to sign into law.
 
Background: Under existing law, any application not approved by March 31—even if it was submitted prior to that date—cannot receive PPP funds. The newly passed bill allows borrowers to apply for loans through May 31 and gives the SBA until June 30 to consider applications.
 
What it Means: This much-needed, two-month extension will ensure small-business and nonprofit applicants are not stranded by an abrupt shutdown. ICBA supports ensuring every potential borrower that needs a loan gets one.
 
What's Next: With the PPP extended, ICBA continues urging Congress and SBA to make the following program fixes:
  • First-Draw Increase Eligibility: Allow borrowers with forgiven loans to apply for a loan increase.
  • Second-Draw Eligibility: Allow those applying for a first draw in 2021 to apply for a second draw.
  • Second-Draw Use of Proceeds: Establish a level of spending on ineligible expenses that would not disqualify borrowers from receiving a second loan.
  • Farm Partnerships: Provide agricultural partnerships with equitable access to funding.
  • Schedule C Borrowers: Allow Schedule C filers to apply for a loan increase under new SBA rules allowing them to use the gross income method.
More: PPP information and resources are available on the SBA and Treasury sites and ICBA's PPP and EIP News page.

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    Authors
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    Lori Godfrey
    EVP, Chief of Staff, Government & Regulatory Relations

    Tyler Eck
    Government and Regulatory Relations Associate


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  • Home
  • About CBA
    • Member Login
    • Board of Directors
    • Membership Overview
    • CBA Committees
    • Our Team
    • Remembering Julian Hester
    • Directions to Our Office
  • Contact
  • Membership
    • Member Directory >
      • Bank Listing Update
    • Preferred Service Providers
    • Associate Member Directory >
      • Company Listing Update
    • Associate Member Benefits & Application
    • Member Benefits
    • Executive Channel
    • CBA Wellness Solutions >
      • Peachy Posts
  • Professional Development
    • CBA University >
      • Calendar
      • Webinar Listing
      • Webinar Series
      • Archived Webinars
      • Barret School of Banking
      • 2021 Compliance Professionals Package
      • HR & Talent Development League
      • The Community Bank Leadership Academy
      • Compliance Resources
      • Cancellation Policies & Facility Maps
      • Speakers
      • Venue Availability
      • Southeastern Community Bankers Association
    • Conventions/Events >
      • 53rd Annual Convention & Mini-Trade Show
      • Banker Regulatory Forum >
        • Banker Regulatory Forum Questions
      • Small Business Day at the Dome
      • PAC/PR Fundraising Events >
        • PAC/PR Clay Shoot
        • PAC/PR TopGolf Tournaments
      • Call for Presentations
  • COMMUNICATIONS
    • Communications Overview
    • Advertising Opportunities
    • Sponsorship Opportunities
    • Quarterly Marketing Toolkits >
      • April - Community Banking Month
    • Georgia Communities First Magazine
    • Julian & Jan Hester Scholarship
    • Walraven Scholarship
    • eNewsletter - CBA Today
    • Lifetime Service Awards
  • Advocacy
    • Advocacy Update
    • Priority Legislation SB 157 >
      • SB 157 Survey
    • Locate Your Legislator
    • CBA's PAC/PR Fund >
      • T-Shirt Fundraiser PAC/PR
      • Corporate Donations
      • Individual Donations
    • ICBA Plan for Prosperity
  • Resources
    • THE CARES ACT & SBA LENDING
    • Paycheck Protection Program
    • Disaster & Pandemic Support & Preparedness
    • CBA Legal Hotline
    • PSP & Associate Member Support During Covid-19
    • CBA Career Center
    • Rise Up - College Student Development Program
    • Georgia Financial Directory
    • ICBA
    • Salary Survey
    • Financial Literacy
    • Useful Websites
    • FDIC Regulatory Calendar
    • CBA Privacy Policy