Credit unions have supported more than a million pandemic-affected members through the Paycheck Protection Program (PPP), CUNA Chief Advocacy Officer Ryan Donovan wrote Tuesday to all 535 Congressional offices. Billions of dollars remain available through the program, which Congress extended to Aug. 8.

Donovan said credit unions can continue to help members through the pandemic, more so if Congress:

• Support the PPP Small Business Forgiveness Act (S. 4117) to forgive PPP loans under $150,000;
• Urge the Small Business Administration (SBA) to provide clear guidance on forgiving PPP loans; and
• Support liability protection for credit unions and other lenders acting in good faith amid unclear SBA PPP guidance.

According to data from the SBA, as of June 30 credit unions have made more than 196,000 loans, averaging $49,487 per loan, indicating credit unions have continued to focus on Main Street businesses to keep local communities strong across the country. Those loans have supported 1.18 million jobs.