Removing Barriers Blog

CUNA & Leagues write to Congressional Leadership in support of PPP loan forgiveness legislation
Posted September 14, 2020 by CUNA Advocacy

CUNA and all of the state credit union leagues wrote to Leader McConnell, Speaker Pelosi, Minority Leader Schumer, and Minority Leader McCarthy expressing strong support for simplifying the Paycheck Protection Program’s (PPP) loan forgiveness process to better serve the small business borrowers adversely affected by COVID-19.

America's credit unions urge enactment of S. 4117 and H.R. 7777, the Paycheck Protection Program Small Business Forgiveness Act. 

If enacted, the Paycheck Protection Program Small Business Forgiveness Act would allow America’s small business owners and Main Street financial institutions to remain focused on serving their communities rather than jumping through burdensome regulatory hurdles. Specifically, this bill would provide forgiveness for PPP loans of $150,000 or less if the borrower submits an attestation form to the lender. It also ensures that the lender will be held harmless from any enforcement action if the borrower’s attestation contained falsehoods. 

CUNA has an active Action Alert in support of this legislation and heard directly from S. 4117's lead sponsor, Senator Cramer (R-ND) at the end of July.