CUNA President/CEO Jim Nussle spoke with the D.C. bureau of Hearst TV recently to talk about the small business need for capital, and share his thoughts on the rollout of the Paycheck Protection Program. Funded at $349 billion by the CARES Act, the PPP is a product from the Small Business Administration to help get capital through SBA-approved lenders to businesses to meet payroll and other costs as they weather the coronavirus disease (COVID-19) pandemic.

CUNA joined with the American Association of Credit Union Leagues and all 35 state leagues to call for PPP changes to increase credit union service to member businesses. The PP launched April 3 and the demand was evident right away.

“We knew businesses, as soon as the doors opened this morning, they were going to be clamoring for information and resources. [These loans are designed to] provide a stream of income during this time when the economy is really in a coma,” Nussle told Brie Jackson of Hearst TV.

Nussle’s interview ran on several Hearst stations, which serve more than 40 markets in 23 states, including California, Ohio, Wisconsin, Pennsylvania, Massachusetts, Florida and the Carolinas.