Administrator of the U.S. Small Business Administration Jovita Carranza and Treasury Secretary Steven Mnuchin said the SBA will resume accepting Paycheck Protection Program (PPP) loan applications Monday, April 27 at 10:30 a.m. (ET) from approved lenders on behalf of any eligible borrower. President Donald Trump signed legislation Friday authorizing an additional $310 billion for the PPP.
“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously. All eligible borrowers who need these funds should work with an approved lender to apply,” Carranza and Mnuchin said in a joint statement.
According to the SBA, the PPP has supported more than 1.66 million small businesses and protected over 30 million jobs since it began accepting loan applications April 3. Those loans include tens of thousands from credit unions, with early estimates indicating that credit union loans averaged around $64,000 per loan.
CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices sharing that information Friday as CUNA continues its advocacy to ensure language helping credit unions expand service during the pandemic is included in the next phase of relief legislation.