May 27, 2020
Memorial Day signified the beginning of summer in many parts of the country — and the slow but steady reopening of business activity in the wake of the coronavirus pandemic. On the latest episode of the ABA Banking Journal Podcast — sponsored by ProfitStars, a division of Jack Henry and Associates — Iowa Superintendent of Banking Jeff Plagge offers ideas for long-term solutions to get struggling businesses back on their feet after the lockdown.
To help support small business cashflows without layering on excessive debt, Plagge recommends a long-term restructuring program run through the Small Business Administration modeled on a farm loan restructuring program administered by the Farm Service Agency. He also discusses lessons the Fed might take as it continues to develop the soon-to-launch Main Street Lending Program.
Plagge also discusses how COVID-19 drove rapid adoption of technology at community banks. “All of these technologies that we’ve been easing into, we just slammed into,” he says. And he speaks about his approach to bank supervision in Iowa, particularly in the wake of the pandemic, following his four-decade career as a community banker.
This episode is sponsored by ProfitStars, a division of Jack Henry and Associates.