Berger calls on Congress to act fast on additional PPP funding

Yesterday, the Small Business Administration (SBA) announced that all of the original $349 billion in funding for its paycheck protection program (PPP) had been fully allocated. As the industry’s Washington Watchdog, NAFCU has been committed to ensuring credit unions have all the resources needed to effectively participate in the program since its launch and will continue to advocate for further funding for the program.

The Senate may again consider additional funding for the PPP when they meet Monday, after two pro-forma sessions this week failed to do so. Until then, NAFCU President and CEO Dan Berger is urging policymakers to prevent the current public health crisis from turning into a “full-fledged economic crisis, too.”

“Today, many credit unions have a large number of pending loan applications from small business owners looking for emergency financial assistance,” said Berger after the announcement that the PPP funds were fully allocated. “With credit unions heavily engaged in serving underserved communities, which have been hit the hardest during this economic downturn, it is imperative policymakers set aside a portion of additional funding for credit unions.”

Relatedly, the Federal Reserve announced Thursday that the PPP liquidity facility is now fully operational.


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