State Bankers Association Letter to House and Senate Leadership: PPP Reauthorization

Summary

In this letter, posted by the American Bankers Association, state bankers associations representing banks of all sizes in every state urge Congress to quickly increase funding for the Small Business Administration's Paycheck Protection Program (PPP). It is addressed to Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, House Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy. The associations write that in just under two weeks the PPP provided an economic lifeline to over one million small businesses, and that they are gravely concerned the CARES Act funds for PPP will be exhausted by the end of the week. The signers run from the Alabama Bankers Association to the Wyoming Bankers Association and include the Ohio Bankers League and the Puerto Rico Bankers Association.

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Full text

State Bankers Association Letter to House and Senate Leadership: PPP Reauthorization

The Honorable Mitch McConnell Majority Leader United States Senate Washington, D.C. 20510

The Honorable Chuck Schumer Minority Leader United States Senate Washington, D.C. 20510

The Honorable Nancy Pelosi Speaker of the House U.S. House of Representatives Washington, D.C. 20515

The Honorable Kevin McCarthy Minority Leader U.S. House of Representatives Washington, D.C. 20515 Dear Leader McConnell, Speaker Pelosi, Minority Leader Schumer, and Minority Leader McCarthy:

The undersigned state bankers associations, representing banks of all sizes in every state, write to urge Congress to expeditiously increase funding for the Small Business Administration’s Paycheck Protection Program (PPP). In just under two weeks, the PPP has provided an economic lifeline to over one million small businesses across the country and has allowed these small businesses to remain viable – and maintain their workforces – during the COVID-19 pandemic.

Despite the challenges of standing up this massive program in a matter of days, bank employees are working early mornings and late nights to serve the needs of small businesses. PPP is working, but we are gravely concerned that the funds approved in the CARES Act for PPP will be exhausted by the end of this week. We urge quick congressional action sobanks can continue to distribute these desperately needed funds to small businesses, which form the economic core of our communities.

While we continue to push for improvements to the program, we implore Congress to expeditiously approve additional PPP funding and allow our member banks to continue to serve the needs of their communities.

Sincerely,

Alabama Bankers Association Alaska Bankers Association Arizona Bankers Association Arkansas Bankers Association California Bankers Association Colorado Bankers Association Connecticut Bankers Association Delaware Bankers Association Florida Bankers Association Georgia Bankers Association Hawaii Bankers Association Idaho Bankers Association Illinois Bankers Association Indiana Bankers Association Iowa Bankers Association Kansas Bankers Association Kentucky Bankers Association Louisiana Bankers Association Maine Bankers Association Maryland Bankers Association Massachusetts Bankers Association Michigan Bankers Association Minnesota Bankers Association Mississippi Bankers Association Missouri Bankers Association Montana Bankers Association Nebraska Bankers Association Nevada Bankers Association New Hampshire Bankers Association New Jersey Bankers Association New Mexico Bankers Association New York Bankers Association North Carolina Bankers Association North Dakota Bankers Association Ohio Bankers League Oklahoma Bankers Association Oregon Bankers Association Pennsylvania Bankers Association Puerto Rico Bankers Association Rhode Island Bankers Association South Carolina Bankers Association South Dakota Bankers Association Tennessee Bankers Association Texas Bankers Association Utah Bankers Association Vermont Bankers Association Virginia Bankers Association Washington Bankers Association West Virginia Bankers Association Wisconsin Bankers Association Wyoming Bankers Association

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