President Donald Trump today signed into law legislation to provide the Small Business Administration’s (SBA) paycheck protection program (PPP) with more than $300 billion in additional funds. In a win for credit unions, a portion of the funds have been set aside for smaller lenders to help them serve small businesses in their communities.
The Office of Management and Budget will next make the PPP funds available to the SBA; the SBA has yet to officially announce when it will re-start approving loan applications, but Senate Small Business Committee Chairman Marco Rubio, R-Fla., indicated the program will reopen Monday.
“NAFCU thanks President Trump for signing legislation that will deliver additional funding to the SBA’s payment protection program to provide needed resources to American small businesses and local communities,” said NAFCU President and CEO Dan Berger. “With many pending SBA loan applications, credit unions will now be able to distribute additional funds to their small business members in need of assistance.
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