Credit Union National Association (CUNA) President/CEO Jim Nussle issued the following statement on the Paycheck Protection Program forgiveness provision in the Health, Economic Assistance, Liability, and Schools (HEALS) Act:
“Ensuring that small businesses can remain focused on serving their communities, customers, and employees amid this pandemic has been a tent pole of the Paycheck Protection Program since its creation. Unfortunately, the program’s history has also shown the need for Congress to be more prescriptive in its guidance to ensure that those businesses, and the credit unions facilitating their loans, experience a rapid and streamlined process.
“As Congress continues to negotiate the next phase of this crucial program, we encourage the adoption of the bipartisan legislation introduced by Sens. Cramer, Menendez, Sinema, and Tillis, and Reps. Houlahan and Upton. In this critical hour, it’s imperative that America’s small businesses focus on keeping Main Street resilient rather than jumping through regulatory hurdles.”