CUNA wrote Reps. Barry Loudermilk (R-Ga.) and David Scott (D-Ga.) Thursday in support of their legislation that would prevent regulatory penalties for PPP lenders. Credit unions made more than $10 billion in PPP loans, helping protect more than 100,000 jobs.
CUNA joined other organizations Monday to call on House and Senate Small Business Committee leaders to fix an issue reducing value of Paycheck Protection Program (PPP) loan forgiveness and Economic Injury Disaster Loan (EIDL) Advances.
Senate Banking Committee Chairman Mike Crapo (R-Idaho) wrote to the heads of federal financial regulators, including NCUA Chairman Rodney Hood, recently on the PPP's effect on certain asset-based regulatory thresholds.
The SBA Thursday released a simpler loan forgiveness application for Paycheck Protection Program loans of $50,000 or less and also eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly.
Additional Paycheck Protection Program funding and simplified PPP loan forgiveness will help small businesses around the country recover from the pandemic faster, CUNA wrote to Congressional leadership, urging members not to leave Washington, D.C. without working to pass legislation to add additional PPP funding.
Credit unions are concerned PPP loan forgiveness process is overly complicated, CUNA wrote to a House Small Business subcommittee Friday. The letter follows two others on the importance of PPP forgiveness sent by CUNA to Congress this week.
The Small Business Administration should take several additional steps if Paycheck Protection Program funding becomes available again, including improving national and regional operations in order to provide more timely feedback to lenders and borrowers.
CUNA joined dozens of organizations Thursday to call on Congressional leaders to support House and Senate bills to forgive Paycheck Protection Program loans under $150,000. The letter cites analysis showing an effective cost of $2,000-$4,000 for each business that applies for forgiveness.
Quickly enacting the Paycheck Protection Program Small Business Forgiveness Act (S. 4117/H.R.7777) would help small businesses that need forgiveness to be as simple, cost-effective and efficient as possible, CUNA, AACUL and all League presidents wrote to Congressional leaders this week.
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