The ICBA and IBA both continue to report there is no definitive ruling, so we have errored on the side of caution and placed our director-related PPP applications with a neighboring bank as an abundance of caution.
| John L. Leinberger |
| President / CEO / Asst. Trust Officer NMLS# 462014 |
| Alliance Community Bank 321 N. Sixth Street PO Box 470 Petersburg,IL 62675 MLO# 644199 |
| (217) 632-3241 �� (217) 632-3835 (217) 341-3327
|
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We're a small $450mm Tampa based community bank and SBA7a has been a small business line for the past three years. Does anyone have clarity as to whether it's acceptable to make a PPP loan to a director that sits on your bank board? I'm primarily concerned with acceptability from the SBA's viewpoint.
Thanks for any insights,
Jack Barrett
John M. Barrett
President & Chief Executive Officer
jbarrett@firstcitrus.com
T: 813.926.1314
10824 North Dale Mabry Hwy.
Tampa, Florida 33618
First Citrus Bank | LinkedIn | Facebook | YouTube
American Banker 2019 Top 200 Community Bank
Greater Tampa Chamber 2019 Small Business of the Year Winner
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