FROM THE TOP David Lance President & CEO Greater Community Bank 2020-2021 CBA Chairman
Meeting customer needs in an ongoing socially distanced environment remains a priority When Congress passed a new $900 billion stimulus bill to further assist individuals and small businesses the sighs of relief could be heard amongst our many communities. As our small businesses continue to be impacted by the COVID-19 pandemic, now, more than ever they are leaning on their local community banker for support and guidance as they navigate through these challenging times. Being a resource for our customers is something of which we can and should all be proud. For businesses, the new stimulus bill brings additional funding for the Paycheck Protection Program (PPP) for first time borrowers and the addition of the “Second Draw� program for existing PPP borrowers. This bill also changes how PPP expenses are taxed by repealing the IRS code 2020-32. The bill made significant changes to eligible PPP expenses, extended unemployment benefits, and provided food and farmer assistance with another $13 billion in direct payments.
For individuals, the new stimulus bill provides a second round of relief in the form of direct deposits, checks and debit cards. Individuals will receive a payment of $600, while couples making up to $150,000 will receive $1,200, in addition to $600 per child. The new deal also makes the stimulus checks more accessible to immigrant families. For Georgia community banks, meeting customer needs in an ongoing socially distanced environment will remain a priority. As our industry moves forward, enhancing the delivery of online, mobile and other digital banking opportunities will be key. As we enter 2021, it is imperative that we all stay mindful that while there have been many challenges presented over the last year, we are entering a new year of opportunity. The new stimulus bill, enhancements in digital offerings, and good old ingenuity and hard work, will continue to allow community bankers the opportunity of providing service and guidance to our loyal customers during a time in which they need us most.
J an u ar y/ Fe b r u ar y 2 0 2 1 | G e or g i a C om m un i ti es F i rs t | 3
