Removing Barriers Blog

Letter sent to sponsors of H.R. 7777, PPP loan forgiveness legislation
Posted August 04, 2020 by CUNA Advocacy

CUNA wrote to Representatives Houlahan (D-PA) and Upton (R-MI) in support of H.R. 7777, legislation “To provide automatic forgiveness for paycheck protection program loans under $150,000, and for other purposes.”

If enacted, H.R. 7777 would provide forgiveness for Paycheck Protection Program (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.

America’s credit unions have issued thousands of PPP loans to help small business owners recover from the impact of the pandemic. For the country’s smallest credit unions, that amounts to over 60,000 loans averaging just $49,000—a true measure of just how crucial this program has been to the mom and pop organizations that keep Main Street resilient.

CUNA also issued an action alert for the legislation this week.