As CUNA and the Leagues continue to advocate to ensure Congressional actions taken in response to the coronavirus disease (COVID-19) pandemic, Senators from both parties have written to federal policymakers calling for clarity in the Paycheck Protection Program (PPP) that would help lenders serve more consumers.

“The broad bipartisan commitment that lawmakers are providing to this crucial program indicates just how vital a role small businesses play in our economy,” said CUNA President/CEO Jim Nussle. “For America’s credit unions, these continued adjustments to fine tune this program are imperative to maximizing the support we can provide on the ground for these vital institutions.”

The PPP was funded by the CARES Act at $349 billion to help small businesses pay employees and cover other costs while still impacted by the pandemic. CUNA, the American Association of Credit Union Leagues and all 35 Leagues have called on the Treasury and Small Business Administration to help credit unions increase service to member businesses.

Sen. Mike Crapo (R-Idaho), chairman of the Senate Banking Committee, wrote to financial regulators Wednesday requesting, among other things, that they search for more ways to strengthen the Paycheck Protection Program (PPP), create right-sized regulations to encourage lending and provide the committee with statutory changes and recommendations necessary to stabilize markets and expand lending.

Sens. Mark Warner (D-Va.), Mike Rounds (R-S.D.), Robert Menendez (D-N.J.), Thom Tillis (R-N.C.), Tim Kaine (D-Va.), Jerry Moran (R-Kansas) and Tim Scott (R-S.C.) also wrote to regulators calling for, among other things, the use of CARES Act funds to avoid liquidity challenges that could be faced by mortgage servicers over the coming days and weeks.

Sen. Pat Toomey (R-Pa.), wrote to the Small Business Administration and Treasury calling for easier access to the PPP for lenders and borrowers, particularly when it comes to documentations, certification, eligibility and other aspects.