Following last week’s passage of an additional $310 billion for the paycheck protection program (PPP), the Small Business Administration began accepting additional PPP applications from lenders early Monday. Within hours, high demand led the portal to temporarily shut down. CUNA chief advocacy officer Ryan Donovan responded to this issue, and reports that the SBA was prioritizing large bulk application submissions with the following statement:

“The failure of the SBA’s ETRANS system is a disturbing blow to the efforts by credit unions working tirelessly to connect Main Street businesses with lifeline PPP loans. Credit unions will keep trying to submit applications through this narrow and uncertain portal. Furthermore, we encourage the SBA to reduce the threshold for bulk submissions to ensure that community-focused lenders have a fair shot at accessing this crucial program.”

Since the passage of the PPP in mid-march, credit unions across the country have been hard at work connecting small businesses with these crucial funds. Early estimates indicate that credit unions have been responsible for initiating tens of thousands of these loans, with an average loan value of just $64,000, underscoring the connection that credit unions have with main street businesses across the country.