Senate votes to approve $310B in additional PPP funds
The Senate voted Tuesday to approve an additional $310 billion in funds for the Paycheck Protection Program (PPP), re-funding the program after it ran out of funds last week. The PPP was originally funded at $349 billion by the CARES Act, and CUNA the Leagues and credit unions have been engaging with legislators since then to secure additional funding.
“At a time where small businesses across the country are struggling to remain afloat, this important legislation will ensure that hard working men and women across the country will be able to remain financially secure in spite of this pandemic,” said CUNA President/CEO Jim Nussle. “Since the enactment of the CARES Act, credit unions across America have been diligently connecting small business owners with these crucial funds, and this bill will allow them to continue in that service. We urge the House to pass the bill quickly so these funds can get to work helping our small businesses through this unprecedented emergency.”
The $310 billion contains a $60 billion set aside for community lenders, including state and federal credit unions, with:
- $30 billion for loans made by insured depository institutions with between $10 billion and $50 billion in assets; and
- $30 billion for loans made by institutions with assets of less than $10 billion.
CUNA called for such a set aside in its advocacy to Congress, noting that such an action would ensure small lenders are able to provide access to funds to Main Street businesses.