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 » CUNA supports efforts to stop unfair PPP penalties
Policy & Issues

CUNA supports efforts to stop unfair PPP penalties

September 15, 2022
SBALogo

CUNA supports efforts from Reps. Chrissy Houlahan, D-Pa., Judy Chu, D-Pa., House Small Business Committee Chairwoman Nydia Velazquez, D-N.Y., and 37 other members of Congress to stop penalizing Paycheck Protection Program (PPP) lenders. More than 300,000 PPP borrowers are facing loan forgiveness issues due to good faith miscalculations, many through no fault of their own.

The legislators ask if the Small Business Administration has the legal authority to make certain PPP loans received with “excess loan amount errors” eligible for loan forgiveness, and if not, whether a statutory change to the Small Business Act is required.

“Credit unions of all sizes were proud to offer more than 170,000 PPP loans to help keep businesses afloat during an unprecedented pandemic,” said CUNA President/CEO Jim Nussle. “Credit unions rose to meet the challenge, despite confusing and ever-changing rules and guidance, because their communities needed them to. The ‘Good Faith Error’ rule would help forgive these loans for businesses that were doing their best to stay open during unpredictable times and it has our full support.”

The letter cites “constant and rapidly changing nature of PPP rules combined with numerous other factors” as creating circumstances “making it inevitable that the smallest businesses, which are the least likely to have access to attorneys or accountants, would make good faith loan amount miscalculations.”

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