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Special Questions

Special Questions

December 2020

For this survey, respondents were asked supplemental questions on the impacts of the coronavirus (COVID-19). Data were collected Dec. 15–22, and 72 bankers responded to the survey.

Results Tables

1. Over the past six weeks, have you seen a change in the number of customers seeking loan modifications, including but not limited to payment deferrals?

  Dec. '20
No 56.3
Yes, an increase 21.1
Yes, a decrease 22.5

NOTES: 72 responses.

2. What are the top three types of businesses that have sought loan modifications over the past six weeks, including but not limited to payment deferrals?

  Dec. '20
Accommodation and food services 56.9
Retail/wholesale trade 43.1
Real estate and rental and leasing 35.3
Other services (personal and laundry services, repair and maintenance, etc.) 19.6
Mining (oil and gas, etc.) 17.6
Professional and business services 11.8
Health care and social assistance 3.9
Construction 3.9
Agriculture 3.9
Manufacturing 2.0
Educational services 0.0

NOTES: 51 responses.

3. Approximately what share of your customers have shut down their businesses due to the coronavirus (COVID-19), either temporarily or permanently?

  May '20
Dec. '20
Temporarily shut down 19.3 9.1
Permanently shut down 1.3 1.8

NOTE: 56 responses. Averages are calculated as trimmed means with the lowest and highest 5 percent of responses omitted.

4. Are you participating in any of the Main Street Business Lending Facilities?

  Jun. '20
Aug. '20
Dec. '20
Yes 5.5 10.9 9.7
No 45.2 68.8 90.3
Don’t know/haven’t decided yet 49.3 20.3 N/A

NOTES: 72 responses. In June and August, respondents were asked, “Are you participating or planning to participate in any of the Main Street Business Lending Facilities?”

4a. How will the ending of the Main Street Business Lending Facilities impact your financial institution?

  Dec. '20
Significant negative impact 0.0
Slight negative impact 14.3
No impact 71.4
Slight positive impact 14.3
Significant positive impact 0.0

NOTES: 7 responses. This question was only posed to those indicating they are participating in the Main Street Business Lending Facilities.

Special Questions Comments

These comments have been edited for publication.

  • There has been no change to our watch list, and no change to past-due loans.
  • The majority of customers that temporarily shut down did not shut down entirely, but rather, their operations were substantially sized down or cut back.
  • We participated as a PPP [Paycheck Protection Program] lender, with total funded PPP loans comprising about 10 percent of total assets.
  • The Main Street [Lending] Program instructions are not “community bank friendly,” in my opinion. They are written for the big banks and much too complicated for the average community bank.
  • The Main Street lending facility is much too complicated for a community bank to venture into managing. We have chosen to stay away.

Questions regarding the Banking Conditions Survey can be addressed to Emily Kerr at

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