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 » PPP forgiveness, extension of CARES Act relief needed
Policy & Issues

PPP forgiveness, extension of CARES Act relief needed

September 24, 2020
CoronaFood

Changes to regulations and the creation of new lending programs have and will continue to help individuals affected by the pandemic, CUNA wrote Thursday to the Senate Banking Committee. The committee conducted the hearing on the quarterly report of the CARES Act pandemic relief legislation which, among other things, created the Paycheck Protection Program (PPP).

Credit unions facilitated more than 170,000 PPP loans that averaged $49,000 each.

“While PPP lending has concluded, there are a number of steps that SBA should take if additional funds become available. SBA should improve their national and regional operation in order to provide more timely feedback to lenders and borrowers, including lender prioritization guidance, official guidance formalizing the use of PPP forms and guidance on the loan purchasing process,” the letter reads. “Furthermore, the SBA should issue guidance and forms to reflect that privately insured state-chartered credit unions are eligible to lend through the program.”

CUNA also expressed support for the House and Senate bills that would provide simple forgiveness for PPP loans under $150,000 and called on Congress to enact “commonsense” liability protections for PPP lenders.

Other priorities for credit unions, CUNA noted include:

  • Including legislation that would lift the credit union member business lending cap for loans made during the pandemic in the next phase of COVID-19 legislation;
  • Expand the borrowing authority for NCUA’s Central Liquidity Facility to 25 times the paid in capital, extend its expanded borrowing capacity until Dec. 31, 2020 and make permanent the ability of corporate credit unions to act as agents for credit unions; and
  • Extend the CARES Act’s temporary Troubled Debt Restructuring relief until the end of 2021.

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

  • Cheryl Deborde named Credit Union Hero of the Year

  • PCA flexibility coming soon from NCUA

  • CFPB proposes delayed effective date for recent debt collection rules

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