Montana Independent Bankers (MIB) Association
April 29, 2020
Helena, Montana (April 23rd 2020), the Montana Independent Bankers (MIB) Association released the following statement after the U.S. House of Representative passed a measure to allocate additional funding for the Paycheck Protection Program (PPP) as part of its “Phase 3.5” coronavirus stimulus package.” The ‘new’ package includes an additional $310 billion to restart the Paycheck Protection Program and a MIB advocated allocation of those new funds for community banks.
“The nation’s state community bank trade associations along with the Independent Community Bankers of America (ICBA) advocated tirelessly over the past several days to ensure that there was a set aside allocation within the Paycheck Protection Program 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 bank. To accomplish this outcome, community banks across this country, including in Montana, had to overcome the objections of the nation’s largest banks to ensure that small businesses receive the support they need as Congress intended”
Jim Brown, MIB’s Executive Director, stated: “Montana’s community banks thank Montana’s members of Congress for identifying the key role our members play in lifting up Montana’s Main Street businesses and for listening to our plea that these PPP funds actually be directed to assist true small businesses through these difficult economic times.”
Heeding the community banking communities collective request that the new round of PPP be allocated to the small businesses that are in most need of assistance, the Phase “3.5” coronavirus stimulus package allocates at least $30 billion for financial institutions under $10 billion in assets and another $30 billion for those institutions with between $10 billion and $50 billion in assets. These funds are sorely needed by small-business customers in Montana’s rural communities and the small businesses that serve them.
Brown said: “America’s and Montana’s community banks have shown brightly over the last month in getting economic assistance to hurting Montanans. It is Montana's community banks, not the national, too-big-to-fail banks, that have delivered for Montanans and Montana's small businesses during this unprecedented time.
It has been personally rewarding for the MIB staff to hear from Montana's state-chartered banks about the number of Montana jobs they are helping to support and keep filled via loans in the program.
Earlier this month, the SBA released data showing that more than 13,000 PPP loans have been made in Montana, totaling almost $1.4 billion. The majority of these loans have been for an amount under $150,000.00.
“I can assure you that Montana's banks and their staff have been redefining the term ‘bankers hours,’ working all hours of every day of the week and night to make it happen” said Brown.
With the bill passing Congress, it heads to President Trump’s desk for his signature into law. Montana’s community banks will continue to work with the Treasury Department and the Small Business Administration on implementation and operation of the PPP program so that the Main Street small businesses we serve will survive and thrive.
Questions regarding this release may be directed to:
Montana Independent Bankers