Senate approves $310B PPP deal with $60M carve out for community lenders, credit unions
WASHINGTON, DC (April 22, 2020) — The Senate voted and approved an additional $310 billion in funds for the Paycheck Protection Program (PPP). The influx of funds contains a $60 million set aside for community lenders, lenders that include state and federal credit unions with:
- $30 billion for loans made by insured depository institutions with between $10 billon and $50 billion in assets; and
- $30 billion for loans made by institutions with assets of less than $10 billion.
Credit Union National Association (CUNA), the Leagues and credit unions called on Congress and the administration to appropriate the largest amount possible for the program, with a substantial portion dedicated to small, Main Street lenders like credit unions.
“At a time where small businesses across the country are struggling to remain afloat, this important legislation will ensure that hard working men and women across the country will be able to remain financially secure in spite of this pandemic,” said CUNA President/CEO Jim Nussle. “Since the passage of the CARES Act, credit unions across America have been diligently connecting small business owners with these crucial funds, and this bill will allow them to continue in that service. We urge the House to pass the bill quickly so these funds can get to work helping our small businesses through this unprecedented emergency.”
CUNA previously called for a set aside like the one in this legislation, noting that such action would ensure small lenders could provide Main Street businesses with access to these funds.
CUNA also issued an action alert Friday to call on credit union stakeholders to contact their elected officials to fund the PPP, and CUNA Chief Advocacy Officer Ryan Donovan also wrote to all 535 Congressional offices calling for more funds so credit unions can continue their service to member businesses and communities.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.