Congress can increase support to millions of American small business feeling the impact from the pandemic with no cost to the taxpayer, Ryan Goff wrote in Townhall this week, and credit unions are eager to help. Goff, a federal affairs associate with Americans for Tax Reform, wrote about how increasing the credit union member business lending (MBL) cap would help get “critical funding” into the hands of small business owners.

“Since the small business demand for credit has drastically increased as a result of the health emergency, the SBA has faced difficulties meeting that demand. Credit unions have capital sitting on the sidelines that could be better used to meet the needs of small businesses and stimulating the economy.

Goff spoke to CUNA Chief Advocacy Officer Ryan Donovan, who said “[t]aking action now will free up $5 billion to lend to small businesses [and] create 50,000 jobs to support local employers.”

CUNA supports bipartisan bills in the House and Senate that would place the one-year moratorium on COVID-19 MBL loans.

NCUA Chairman Rodney Hood has also supported raising the MBL cap in testimony and other communications to Congress.