New PPP rules, guidance needed before program re-opens
All rules and guidance for any Paycheck Protection Program (PPP) enhancements be issued and finalized before the program goes into effect, CUNA and other organizations wrote to Treasury and Small Business Administration (SBA) leaders. The bill passed by Congress reauthorizes the PPP at $284 billion.
“To ensure operational clarity and efficiency, we request all rules and guidance of any PPP enhancements or new small business relief programs be issued and finalized before the program goes into effect,” the letter reads. “Such clarity will provide significant benefits to borrowers and lenders, ensuring consistent and reliable rules that all parties can depend on.”
Detailed guidance will save both lenders and borrowers time, which helps the program to be used more efficiently, the organizations note.
“The PPP’s original expedited implementation process hit major roadblocks in its early days that took weeks to recover. We have a chance now to make sure we get it right and eliminate uncertainty and confusion,” the letter reads. “On behalf of our members and the millions of small businesses we serve, we urge you to issue guidance expeditiously to ensure a second round of funds reach those most severely impacted as quickly as possible.”