House members note importance of CU service during PPP debate

April 23, 2020

Multiple House members from both parties addressed the importance of making sure credit unions are able to serve their communities during debate Thursday on funding the Paycheck Protection Program (PPP) with an additional $310 billion. CUNA called on Congress to replenish the funds, designed for businesses to keep paying workers and meeting other costs during the pandemic, after the original $349 billion in funds ran out after two weeks.

“We appreciate the members of Congress who used their floor time today to recognize the important service credit unions are performing for Main Street businesses every day,” said CUNA President/CEO Jim Nussle. “Credit unions have served as financial first responders during crisis after crisis, and this pandemic is no exception. The additional funds approved by Congress today will help credit unions continue to be a lifeline to ensure member businesses can continue to pay employees impacted by the pandemic, as well as meet other costs to get through this unprecedented time.”

Reps. Jim Clyburn (D-S.C.), House Majority Whip, Maxine Waters (D-Calif.), Chair of the House Financial Services Committee, Richie Neal (D-Mass.), Chair of the House Ways and Means Committee, Cheri Bustos (D-Ill.), Carolyn Maloney (D-N.Y.), G.K. Butterfield (D-N.C.) and Jeff Fortenberry (R-Neb.) were among the members who mentioned credit unions during their time.

The House approved the funding measure Thursday, and the Senate approved it earlier this week. President Donald Trump is expected to sign it shortly.