Credit Union National Association (CUNA) President/CEO Jim Nussle released the following statement after the House passed and President Donald Trump signed a bill adding $310 billion to the Paycheck Protection Program (PPP), a program from the Treasury and Small Business Administration to help businesses pay employees and meet other costs as they are impacted by the coronavirus disease (COVID-19) pandemic.
“This important legislation will ensure that Main Street businesses and their employees can work with local credit unions to receive the financial support they need to see them through this crisis,” said CUNA President/CEO Jim Nussle. “Credit unions have been connecting community businesses with PPP funds since the program’s inception. The $60 billion carve-out for community lenders, which includes credit unions, will especially help those that might have been unable to access the first round of funding."
CUNA called for a set aside during engagement with Congress last week, noting that such an action would ensure small lenders are able to provide access to funds to local communities.
With a shared goal of providing financial refuge amid an economic downturn, credit unions across the country are shifting their resources to ensure that their business member-owners have access to these loans.