Washington, D.C. – The Bank Policy Institute released the following statement regarding the Biden Administration’s changes to the Paycheck Protection Program to prioritize loans to businesses most in need.
The Bank Policy Institute welcomes the Administration’s proposal aimed at getting PPP funds into the hands of the small businesses and employees hardest hit by the economic crisis due to the COVID-19 pandemic. Since the inception of the program, BPI members have been leaders in distributing PPP funds to support the smallest of small businesses and small businesses in low-and-moderate income and minority communities, and they will continue to work together with the SBA to distribute new funds efficiently and effectively.
BPI will continue to work with the Administration as it seeks to enhance the current lender engagement model between lenders and the SBA. The Administration rightly acknowledges that in order to further improve access to capital for all businesses, including small businesses and those in LMI areas, the SBA must work closely with lenders to expeditiously address lender questions and concerns so that loan processing is not delayed or impeded.
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.