While the COVID-19 situation remains dynamic, Iowa community banks have been vigilant in anticipating and overcoming the obstacles it has presented. This is first and foremost a health crisis, and our thoughts go out to those who have been affected, whether directly or indirectly, by the virus in their communities.
Banks have leaned-in amid this pandemic, adopting new technologies to better serve customers, advocating, and facilitating thousands of Paycheck Protection Program loans that totaled more than $6 billion in Iowa alone, and working closely with customers in financial distress by waiving fees, modifying loans and much more. Iowa has a total of 61,258 businesses that received Paycheck Protection Program (PPP) loans from the Small Business Administration in 2020. The commitment to help, support and engage with customers during these difficult times has been nothing short of fantastic.