Yesterday the Small Business Administration provided updates on Paycheck Protection Program loan activity. Through the release of figures on April 29, more than 960,000 PPP loans had been processed by 5,300+ lenders through the second round of loan availability, totaling nearly $90 billion in loans to small businesses. The second round of PPP loan funds of $300 billion was first made available on April 27.
Today President Trump signed into law legislation providing for $310 billion in new funding for the Small Business Administration’s Paycheck Protection Program. PPP loans allow small businesses to continue to pay employees throughout the COVID-19 shutdown. Initial funding of $350 billion, made available earlier this month, was depleted within two weeks.
The Indiana Bankers Association is urging small businesses that have not already applied for Paycheck Protection Program (PPP) funds to contact their banks now in preparation for a second round of funding. Yesterday the U.S. Senate passed legislation that includes more than $300 billion in additional PPP funds, with the House expected to pass the legislation this week. Upcoming funds are anticipated to run out more quickly than initial funding, which was depleted within two weeks.
Indiana banks have been working with small businesses to help them access Paycheck Protection Program (PPP) loans backed by the Small Business Administration. Per SBA figures released today, as of April 16 Indiana banks assisted in completing 35,990 PPP loans totaling $7,491,445,351 in approved dollars. PPP loans allow small businesses to meet payroll, avoiding layoffs and saving jobs.
The Indiana Bankers Association joins with the banking community nationwide in urging Congress to provide immediate new funding for the Paycheck Protection Program (PPP). Due to high demand for PPP loan applications, funding of the loans has run out as of today. If this lapse in appropriations is not addressed, funding will not be able to be renewed.
Utilizing the Paycheck Protection Program (PPP) loan program made available through the CARES Act,* the banks of Indiana are helping small businesses remain viable throughout the COVID-19 pandemic. Bankers have been working nearly around the clock to assist small businesses and prevent layoffs through PPP loans backed by the U.S. Small Business Administration.
Throughout the COVID-19 pandemic, Indiana banks will remain open for business and committed to helping Hoosiers overcome economic challenges. Recent passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides additional leverage to help the communities they serve through Paycheck Protection Program loans and other measures.
The Paycheck Protection Program (PPP) will offer some relief to small businesses in Indiana as it launches on Friday, April 3. Indiana bankers ask for patience from the public as the program begins. Application volume will be very high as the financial institutions qualified to offer these loans will strive to keep up with demand.
All 122 member banks of the Indiana Bankers Association are open for business and are able to fully serve the needs of their customers. While implementing public health measures in response to COVID-19, banks continue to provide essential services to customers and communities.
Rod Lasley has been promoted to executive vice president-operations & member services of the Indiana Bankers Association, effective Jan. 1.
In this position he is responsible for oversight of the Association’s business practices, member engagement and corporate communications. Additionally, he continues to serve as president of two for-profit companies owned by the IBA.
The members of the 2020 board of directors of the Indiana Bankers Association have assumed positions, effective Jan. 1. Board members were elected at the IBA Annual Convention last September. The functions of the board are to develop IBA policy and to establish long-range goals and objectives. Additionally, the board helps determine the Association’s legislative programs and positions on issues affecting the Indiana banking community.
Kathy A. Schoettlin, EVP, chief culture and social responsibility officer of Old National Bank, Evansville, has been honored with the Woman of the Year award, sponsored by Krieg DeVault LLP, Indianapolis. She was presented with the inaugural award on Nov. 21 in Indianapolis at the Banking on Women Conference of the Indiana Bankers Association. This annual award recognizes a woman in banking who is community-active, achievement-oriented, and who contributes to team success.
Evelyn Rivas, executive assistant at German American Bank, Jasper, has been honored with the Woman on the Rise award, sponsored by SmithAmundsen LLC, Indianapolis. She was presented with the inaugural award on Nov. 21 in Indianapolis at the Banking on Women Conference of the Indiana Bankers Association. This honor recognizes a woman in emerging bank leadership who is community-active, achievement-oriented, and who contributes to team success.
Andrew J. Briggs, 2019 chairman of the Indiana Bankers Association, was honored as a Sagamore of the Wabash by Gov. Eric J. Holcomb on Sept. 15. The award was presented by Thomas C. Fite, director of the Indiana Department of Financial Institutions, at the IBA Annual Convention in French Lick. The Sagamore of the Wabash award is given to exemplary Hoosiers in recognition of distinguished statewide service.
Lucas White, president of The Fountain Trust Company, Covington, has been elected 2020 chairman of the board of directors of the Indiana Bankers Association. The election took place on Sept. 16 at the IBA Annual Convention in French Lick. White currently serves the IBA as first vice chairman and will become chairman effective Jan. 1, 2020.