CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • 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
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » PPP issues delaying CUs’ ability to provide relief
Policy & Issues

PPP issues delaying CUs’ ability to provide relief

February 3, 2021
SBALogo

CUNA member credit unions continue to be challenged by a slow approval process with the Paycheck Protection Program (PPP), CUNA wrote to the Small Business Administration Wednesday. The PPP was re-authorized for up to $284 billion.

CUNA’s letter details several examples of errors that have occurred during application processes.

“In addition to the errors in the approval process, credit unions are concerned that they may not have adequate support from the SBA to remedy issues and answer questions. Credit unions have reported to CUNA extended delays running into weeks for help from call centers, which makes it difficult to obtain help with questions and issues,” the letter reads. “We have also heard that the SBA servicing team is backlogged with tax ID issues from the forgiveness process. In addition to customer service issues, we received feedback that this round of PPP loans requires more extensive validation through multiple systems to process applications.

“The accumulation of these issues slows the loan process and credit unions’ ability to provide relief to Americans,” it adds, thanking SBA staff for their work on the PPP and that fixing the mentioned issued will speed up the process of small business relief.

KEYWORDS Paycheck Protection Program
Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and 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

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us