Removing Barriers Blog

Email to the Hill: Credit unions keep Main Street resilient
Posted July 15, 2020 by CUNA Advocacy

Credit unions have supported more than a million pandemic-affected members through the Paycheck Protection Program (PPP), CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices. Billions of dollars remain available through the program, which Congress extended to August 8.

The email included information about how credit unions can continue to help members through the pandemic, more so if Congress:

  • Support the PPP Small Business Forgiveness Act (S. 4117) to forgive PPP loans under $150,000;
  • Urge the Small Business Administration (SBA) to provide clear guidance on forgiving PPP loans; and
  • Support liability protection for credit unions and other lenders acting in good faith amid unclear SBA PPP guidance.

According to data from the SBA, as of June 30 credit unions have made more than 196,000 loans, averaging $49,487 per loan, indicating credit unions have continued to focus on Main Street businesses to keep local communities strong across the country. Those loans have supported 1.18 million jobs.



Good afternoon,  
 
Since March, over 1 million workers have retained their paychecks thanks to credit unions supporting Main Street businesses through the Paycheck Protection Program (PPP).  

Credit unions step up for main street business

Local credit unions can help your constituents through this pandemic. We ask Congress to:  

  • Support S. 4117 to forgive PPP loans under $150,000.  
  • Urge SBA to provide clear guidance on forgiving PPP loans.  
  • Support liability protection for credit unions and other lenders helping the government implement this assistance program amid unclear SBA PPP guidance.

We look forward to working with you on these policies to ensure that credit unions and Main Street businesses can focus on keeping their communities resilient through this pandemic.  

Ryan Donovan