Removing Barriers Blog

President Trump signs legislation increasing funding for PPP
Posted April 24, 2020 by CUNA Advocacy

President Trump recently signed legislation that was passed by both the House and Senate this week.  The legislation adds funding to the SBA's Paycheck Protection Program (PPP) which ran out of funding last week.  

"This important legislation will ensure that Main Street businesses and their employees can work with local credit unions to receive the financial support they need to see them through this crisis,” said CUNA President/CEO Jim Nussle. “Credit unions have been connecting community businesses with PPP funds since the program’s inception, and the $60 billion dedicated to community lenders, including credit unions, will especially go a long way to supporting small businesses that might have been unable to access the first round of funding.” 

CUNA called for such a set aside during previous engagement with Congress, noting that such an action would ensure small lenders are able to provide access to funds to Main Street businesses.

The allocation of the $60 billion is:

  • $30 billion for loans made by insured depository institutions with between $10 billion and $50 billion in assets; and
  • $30 billion for loans made by institutions with assets of less than $10 billion.