Credit unions facilitated tens of thousands of loans during the first round of Paycheck Protection Program (PPP) funding, according to the latest round of data released by the Small Business Administration (SBA), this week.
Following last week’s passage of an additional $310 billion for the paycheck protection program (PPP), the Small Business Administration began accepting additional PPP applications from lenders early Monday. Within hours, high demand led the portal to temporarily shut down.
Cooperative businesses must be able to fully participate in the Paycheck Protection Program created by the CARES Act, CUNA wrote to the SBA, as credit unions can make loans using the funds but, it’s unclear if they are allowed to participate in the PPP as well.
CUNA is concerned about a proposed increase in fees related to the Small Business Administration’s 7(a) program, particularly since it believes it could come with unintended consequences to small business borrowers.