Removing Barriers Blog

Letter to Senate Small Business prior to nomination of Isabella Casillas Guzman to lead SBA
Posted February 25, 2021 by CUNA Advocacy

CUNA wrote to the Senate Small Business Committee prior to its hearing on the nomination of Isabella Casillas Guzman to lead the Small Business Administration (SBA). Credit unions helped facilitated more than 200,000 PPP loans that averaged $47,000.  The letter discussed how credit unions helped facilitated more than 200,000 PPP loans that averaged $47,000 and that additional PPP funding will likely be needed in 2021.

"Credit unions were proud participants in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). In fact, some credit unions were so eager to help their members through this program that they participated even though they had no previous relationship with the SBA. But, the quick implementation and slow bureaucracy at the SBA lead to significant and well documented problems for even the most experienced SBA lenders."