Additional funds are needed for the Paycheck Protection Program (PPP) so credit unions can continue their support of small businesses affected by the coronavirus disease (COVID-19) pandemic. Designed to help small businesses meet payroll and other costs as they are impacted by the COVID-19 outbreak, the PPP was funded at $349 billion by the CARES Act, but funding ran out Thursday morning.
CUNA issued an action alert Friday for credit unions to contact policymakers to share the importance of the PPP funds and how additional funds will help credit unions continue their service during the pandemic.
“America’s credit unions have been a crucial access point for businesses seeking PPP funds to continue to pay workers and meet other costs, which is why it’s essential the program secure additional funding,” said CUNA President/CEO Jim Nussle. “Congress needs to know just how many people are depending on these funds, which is why we’re asking stakeholders to reach out as soon as possible.”
Stakeholders can use CUNA’s Grassroots Action Center to reach out to Senators and Representatives calling for continued PPP funding.
CUNA Chief Advocacy Officer Ryan Donovan also reached out to legislators Friday, writing to all 535 Congressional offices on the need for additional PPP funds.
“Last month, Congress invested in our economy by enacting the Paycheck Protection Program (PPP) to protect the livelihood of nearly half the American workforce. America's credit unions have been hard at work to connect small businesses with these critical loans, but we all know the funds have now been depleted and the need remains significant,” Donovan wrote. “Please work swiftly to support small business employees by providing additional funds for the PPP so they can continue to support their families through this unprecedented crisis.”