News Releases

In Indiana, 70,000+ PPP Loans to Small Businesses Total Nearly $10 Billion

Per data released by the Small Business Administration, 71,614 Paycheck Protection Program loans have been approved through May 8 for small businesses in Indiana, with funds still remaining. This figure combines Indiana loans approved to date in Round Two of funding, which began April 27, with Round One loans approved April 3-16. In gross dollars, combining both rounds of funding, Indiana banks have assisted in providing $9,664,484,919 in PPP loans to small businesses in the Hoosier state.

Nearly $10 Billion Goes to Indiana Small Businesses in PPP Loans

The Small Business Administration and the Department of the Treasury have released numbers for Paycheck Protection Program loan activity during Round Two, which began April 27. Through May 1 of Round Two funding, Indiana banks assisted in completing 31,757 PPP loans totaling $2,060,003,401 in approved dollars. Combining these figures with Round One activity, Indiana banks helped complete 67,747 PPP loans totaling $9,551,448,752 for small businesses.

Small Businesses Should Contact Banks Now for PPP Funds

The Indiana Bankers Association is urging small businesses that have not already applied for Paycheck Protection Program (PPP) funds to contact their banks now in preparation for a second round of funding. Yesterday the U.S. Senate passed legislation that includes more than $300 billion in additional PPP funds, with the House expected to pass the legislation this week. Upcoming funds are anticipated to run out more quickly than initial funding, which was depleted within two weeks.

In Indiana, About $7.5 Billion Provided in Paycheck Protection Program Loans

Indiana banks have been working with small businesses to help them access Paycheck Protection Program (PPP) loans backed by the Small Business Administration. Per SBA figures released today, as of April 16 Indiana banks assisted in completing 35,990 PPP loans totaling $7,491,445,351 in approved dollars. PPP loans allow small businesses to meet payroll, avoiding layoffs and saving jobs.

Indiana Bankers Association Urges Immediate New Funding for Paycheck Protection Program

The Indiana Bankers Association joins with the banking community nationwide in urging Congress to provide immediate new funding for the Paycheck Protection Program (PPP). Due to high demand for PPP loan applications, funding of the loans has run out as of today. If this lapse in appropriations is not addressed, funding will not be able to be renewed.

Banks Supporting Small Business Through Paycheck Protection Program

Utilizing the Paycheck Protection Program (PPP) loan program made available through the CARES Act,* the banks of Indiana are helping small businesses remain viable throughout the COVID-19 pandemic. Bankers have been working nearly around the clock to assist small businesses and prevent layoffs through PPP loans backed by the U.S. Small Business Administration.

Interviews Available on CARES Act and Paycheck Protection Program

Throughout the COVID-19 pandemic, Indiana banks will remain open for business and committed to helping Hoosiers overcome economic challenges. Recent passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides additional leverage to help the communities they serve through Paycheck Protection Program loans and other measures.

Indiana Banks Stand Ready to Help, Encourage Patience as Paycheck Protection Program Launches

The Paycheck Protection Program (PPP) will offer some relief to small businesses in Indiana as it launches on Friday, April 3. Indiana bankers ask for patience from the public as the program begins. Application volume will be very high as the financial institutions qualified to offer these loans will strive to keep up with demand.

Indiana Bankers Association Announces Board of Directors for 2020

The members of the 2020 board of directors of the Indiana Bankers Association have assumed positions, effective Jan. 1. Board members were elected at the IBA Annual Convention last September. The functions of the board are to develop IBA policy and to establish long-range goals and objectives. Additionally, the board helps determine the Association’s legislative programs and positions on issues affecting the Indiana banking community.

Schoettlin Named IBA Woman of the Year

Kathy A. Schoettlin, EVP, chief culture and social responsibility officer of Old National Bank, Evansville, has been honored with the Woman of the Year award, sponsored by Krieg DeVault LLP, Indianapolis. She was presented with the inaugural award on Nov. 21 in Indianapolis at the Banking on Women Conference of the Indiana Bankers Association. This annual award recognizes a woman in banking who is community-active, achievement-oriented, and who contributes to team success.