The Small Business Administration (SBA)  has processed more than $70 billion in Paycheck Protection Program (PPP) loans so far, according to President Donald Trump. Bloomberg also reports he is aiming for a “substantial increase” to supplement the fund, approximately $250 billion. The CARES Act funded the PPP at $349 billion originally.

Credit unions around the country are among the lenders getting PPP loans to small businesses providing by the coronavirus disease (COVID-19) pandemic.

Redwood CU, Santa Rosa, Calif. was able to make their first loan the Friday PPP became active, as reported in the Washington Post.

“We got the approval right away and funded. It was a controlled environment, we know the member very well,” said Brett Martinez, Redwood CU’s president/CEO and former CUNA board chair.

Earlier this week, the Treasury and Small Business Administration issued a FAQ to help financial institutions engaging in the PPP.

CUNA has posted numerous resources for credit unions regarding the PPP, including the Interim Final Rule itself and other guidance from the Treasury, SBA and others in its COVID-19 Response Center.