Additional PPP funding will likely be needed in 2021, CUNA wrote to the Senate Small Business Committee prior to its hearing on the nomination of Isabella Casillas Guzman to lead the SBA. Credit unions helped facilitated more than 200,000 PPP loans.
CUNA member credit unions continue to be challenged by a slow approval process with the PPP, CUNA wrote to the Small Business Administration Wednesday with several examples of errors that have occurred during application processes.
The SBA and Treasury will re-open the PPP loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications January 15 at 9 a.m. (ET). The portal will fully open January 19 to all participating PPP lenders.
The SBA announced the Paycheck Protection Program will re-open the week of Jan. 11 for new borrowers and certain existing PPP borrowers. Up to $284 billion is authorized to be used toward job retention and certain other expenses through March 31.
SBA and Treasury Department will present an overview of the new Paycheck Protection Program features associated with recently passed legislation. This webinar will take place on Monday, Jan. 11, at 2 p.m. (ET) and registration is now open.
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 Wednesday.
Dupaco Community CU received the SBA’s Impact Award for being the top-ranked PPP lender among Iowa’s credit unions. Dupaco lent out nearly $30 million to 654 small businesses with an average loan size of $45,000. Nearly half were for $10,000 or less.
Credit unions have numerous Paycheck Protection Program concerns that could be alleviated by Congressional action, CUNA wrote to the Senate Small Business Committee Wednesday. Credit unions helped facilitate more than 170,000 PPP loans averaging $49,000 per loan.
CARES Act provisions providing Troubled Debt Restructuring and Central Liquidity Facility relief will expire Dec. 31 and should be extended, CUNA wrote to the House Financial Services Committee Wednesday.
CUNA and 80 organizations wrote to Congressional, Treasury and Small Business Administration leadership Tuesday with concerns over a new Paycheck Protection Program review process established by the Treasury and SBA that includes “Loan Necessity Questionnaires.”