ABA Perspective
Perspective on the Paycheck Protection Program
If Congress does not extend the program, we can expect the “Monday morning quarterbacking” about the impact of the program on the economy, its design and implementation and its ultimate cost to begin. Tose are appropriate questions to ask as we consider the lessons learned from the nation’s response to the coronavirus pandemic.
Rob Nichols, President and CEO American Bankers Association
Here’s what I know already: Te biggest small business rescue program in U.S. history would have been an unmitigated failure without the extraordinary efforts of America’s banks and their dedicated employees, and it would never have produced the positive results it did without the incredible collaboration between the American Bankers Association and our state association alliance partners.
It’s easy to forget what the world was like when PPP first launched in April 2020.
Te nation’s economy had largely shut down, many Americans were isolating in their homes and businesses of all sizes were dealing with the stark new reality posed by COVID-19.
Banks across the country were trying to figure out how to keep the banking system fully functioning in the middle of a global pandemic and how to help their customers survive the economic disruption while also trying to figure out how to protect the health and safety of their employees and customers from an invisible threat.
It was against that backdrop that the federal government asked banks and other financial institutions to help the Small Business Administration launch the Paycheck Protection Program. On paper, the program dwarfed any previous SBA lending program in its history, and the agency was asked to launch it within days of lawmakers passing the CARES Act.
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