Challenges to lenders making loans through the Paycheck Protection Program (PPP) persist, CUNA, the American Association of Credit Union Leagues and state Leagues wrote to Treasury Secretary Steven Mnuchin Tuesday. The PPP is a Small Business Administration product designed to help small businesses meet costs during the coronavirus disease (COVID-19) pandemic.
CUNA, AACUL and the Leagues wrote to Mnuchin April 3, the day the PPP became active, with concerns over the compressed timeline for implementation and publishing of guidelines, and today’s letter notes that challenges still remain for credit unions to fully participate in the program and serve member businesses.
“We hope that you will give all due consideration to these recommendations as equal and fair access for all credit unions is critical to the success of the program,” the letter reads. “Credit unions are eager to work with you to ensure that the PPP is successful, and we hope that you find these comments constructive.”
Challenges with the program include: