CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Latest PPP data shows strong CU support for Main Street
Policy & Issues

Latest PPP data shows strong CU support for Main Street

July 8, 2020
PPP Loan Data

Credit unions facilitated tens of thousands of loans during the first round of Paycheck Protection Program (PPP) funding, according to the latest round of data released by the Small Business Administration (SBA), this week.

Since Congress approved the critical program, credit unions have worked with small business owners to secure over 195,000 loans, averaging $49,000 per loan.

"Across the country, the heart of the community lies in a resilient Main Street,” said CUNA President/CEO Jim Nussle. “The SBA’s report is proof that America’s credit unions continue to be there for the people and businesses that keep Main Street strong, even in the toughest of times. It’s at the very core of our ‘people helping people’ philosophy.”

Per the data furnished by the SBA:

  • 196,010 loans have been made by credit unions
  • $49,487 average credit union loan size
  • 1.18 million jobs have been supported through credit union PPP loans
  • 900+ credit union lenders have participated in the program
  • $9.7 billion in loans have been made by credit unions

CUNA recently wrote in support of the Paycheck Protection Program Forgiveness Act, which would simplify forgiveness of PPP loans under $150,000.

With an average loan size around $49,000, credit unions have continued to focus on Main Street businesses that might only employ a handful of people but keep local communities strong across the country. The same data indicates that banks’ focus has remained on larger institutions, with average loan sizes more than double those of credit unions.

Additional data, including a breakdown of lending by state, is available on the SBA’s PPP page. Nearly $132 billion in funds remain available for small businesses in need of this critical support.

KEYWORDS PPP sba Small business administration
Credit Union Magazine - Spring 2021

Spring 2021

Credit Union Magazine’s Spring 2021 edition features CUNA's 2021 advocacy agenda, strategic planning guidance, and labor market insights.
Digital Edition •  Subscribe

Trending

  • PCA flexibility coming soon from NCUA

  • CUNA leaders talk CFPB supervision compliance details

  • 48 credit union leaders graduate from Foundation’s virtual DE Program

Tweets by CUNA_News

Polls

How have vaccination efforts affected your remote work policy?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors