Durbin Discusses Paycheck Protection Program With Illinois Community Banks And Credit Unions

SPRINGFIELD – U.S. Senator Dick Durbin (D-IL) today spoke with leaders of Illinois community banks and credit unions to discuss the financial industry’s response to the COVID-19 pandemic, including participation in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) and recommendations on improvements to the PPP to assist small businesses and nonprofits struggling to stay afloat.  Durbin discussed how he and Senate Democrats fought to better address the needs of rural, minority-owned, and underbanked businesses by securing a $60 billion set-aside in the latest coronavirus relief bill for small lenders and community-based lending institutions. 

“I will continue to push the Treasury Department and SBA to make improvements to the PPP, including transparency and accountability measures.  I thank the community banks and credit unions participating in this program and helping to provide Illinois small businesses and nonprofits the financial relief they desperately need during this unprecedented crisis,” Durbin said.

Durbin has also called on the SBA and the U.S. Department of the Treasury to prioritize the needs of small businesses in underserved and rural communities when processing PPP loans and to report demographic data on PPP loan recipients.