Yesterday, July 1, Senator Ted Cruz (R-Texas) held a roundtable with Treasury Secretary Steve Mnuchin to discuss the impact of COVID-19 on community banks. Gerald Jacobson, president of Northwestern Bank, Chippewa Falls and a member of the WBA Board of Directors, was one of the eight bankers in attendance.
Pictured left: Gerald Jacobson, President, Northwestern Bank, Chippewa Falls
During the 60-minute roundtable, held at the Treasury in Washington D.C., the bankers emphasized the large volume of small PPP loans they made and urged Cruz and Mnuchin to work to enact changes to PPP to allow those smaller loans to be forgiven without disproportionately large amounts of documentation.
They also discussed the challenge many banks’ small business clients face in getting employees to return to work because of the additional $600 in unemployment benefits extended by the CARES Act.
Intimate gatherings like this roundtable are a powerful way for bankers to advocate for their customers’ needs and the legislative and/or regulatory changes necessary for the banks to meet those needs.
Want to get involved, but not necessarily fly to D.C.? Visit www.wisbank.com/advocacy to learn more about how you can help promote and defend the banking industry.