Credit unions facilitated tens of thousands of loans during the first round of Paycheck Protection Program funding, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 members of Congress Friday. President Donald Trump signed a bill Friday giving the PPP an additional $310 billion.
“During the first round of PPP lending, credit unions focused on Main Street businesses -- the floral shops, restaurants, beauty salons, and gift stores that might only employ a handful of people but are at the heart of our communities across the country,” Donovan wrote. “Early estimates indicate credit unions facilitated tens of thousands of PPP loans, averaging $64,000 per loan—a true indication of the powerful bond between credit unions and the small businesses that make communities so resilient.
“Additional PPP funding and the community lender set-asides will go a long way in helping small business owners and their employees weather this crisis,” Donovan added.
CUNA wrote last weekend to Congress in support of additional PPP funds with a set aside for smaller lenders. The additional $310 billion authorized Friday contains $60 billion for community lenders.
The Small Business Administration announced Friday that the agency will resume accepting PPP loan applications on Monday, April 27 at 10:30 a.m. (ET) from approved lenders on behalf of any eligible borrower.