NYBA President & CEO Clare Cusack along with NYBA members and NYBA staff met with the Chair of the Senate Banks Committee, Senator James Sanders Jr. (D-Queens), new Chair of the Assembly Banks Committee, Assemblymember Victor Pichardo (D-Bronx), and new Chair of the Assembly Subcommittee on Banking in Underserved Communities, Assemblymember Khaleel M. Anderson (D-Queens). NYBA thanks all of the members that participated in this meeting. A number of banking related issues were discussed with these legislative leaders, including COVID-19 relief efforts and assistance offered to communities for recovery. Similar meetings are expected to be scheduled regularly.
President Biden announced important changes to the Paycheck Protection Program aimed at making it easier for the smallest businesses to access loans. With the current round of funding set to expire on March 31, a 14-day period which began on Wednesday will make the application available exclusively for businesses with fewer than 20 employees. The White House also eliminated rules that limited loans where applicants had defaulted on student debt or had felony convictions. In conjunction with the announcement, new first- and second-draw loan applications were released.
For more information, please contact:
Clare M. Cusack, President & Chief Executive Officer, at (212) 297-1664
Megan Rowan McGovern, Deputy General Counsel & VP, Government Relations, at (212) 297-1669