CUNA wrote to the Small Business Administration (SBA) Friday with comments on operational and legal issues stemming from the implementation of the Paycheck Protection Program (PPP). Implementation of the PPP has necessitated five related interim final rules, and CUNA’s letter provided feedback on all five.
“Credit unions have seen incremental fixes to initial issues that challenged the lending process and vexed borrowers. But now, with funds still available, it appears that businesses are reluctant to borrow. Some reasons for this might be confusion over aspects of the program, such as loan forgiveness, which still are not sufficiently developed,” the letter reads. “We remind the SBA that credit unions are a vital component to the delivery of financial services to many Americans and that credit union members should have equal access to PPP just as those that choose to borrow from large banks.
In the letter, CUNA calls on the SBA to: