Tips to prepare for PPP forgiveness

An Oklahoma credit union encourages business owners to wait to apply for forgiveness but has tools in place to assist members who want relief now.

To combat the potential long-term deleterious effects of the coronavirus on the American economy, U.S. lawmakers passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020. The act established a $659 billion fund to provide business loans to cover staffing and other costs.

On July 6, the Treasury Department released data about lenders as well as borrowers who participated in the Paycheck Protection Program. Callahan & Associates has published information about the number of jobs credit unions helped save through PPP lending — more than 11 million — as well as the top credit union PPP lenders by state and the top credit union PPP lenders by asset size.

Callahan also hosted a panel discussion with five credit unions that have participate in PPP lending. These cooperatives of varying sizes and geographic regions discussed how the paycheck protection program helped strengthen their business relationships and how cooperatives can support small businesses moving forward.

Now, lenders are turning their attention to the next big PPP hurdle: loan forgiveness.

 

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