Congress should hold the SBA accountable for blocking state-chartered, privately insured credit unions from accessing PPP funding, as despite the passage legislation including all state and federally chartered credit unions, certain credit union PPP applications were not addressed in a timely manner.
The PPP has run out of funds, the Small Business Administration said Wednesday, just under a month before it was scheduled to expire May 31. According to the SBA, the agency will continue funding currently outstanding approved applications.
The Small Business Administration should work to provide certainty for Paycheck Protection Program (PPP) loan forgiveness applications, as there is a large backlog of forgiveness applications that have not received a response from the SBA.
The Senate last week approved legislation extending the Paycheck Protection Program through May 31, a week after the House approved the same extension. The PPP was reauthorized at $284 billion earlier this year and was scheduled to expire March 31.
Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.