NWCUA, CUNA, Leagues to Treasury: Revamp the PPP Forgiveness Process

Posted by Lynn Heider on May 29, 2020

Since early April, credit unions have embraced the Small Business Administration’s Paycheck Protection Program to provide loans allowing small businesses to continue to pay employees during the COVID-19 pandemic.

The process is complex, and demand for the dollars has been intense. That didn’t deter credit unions from committing their teams to do the work for Main Street.

But in a letter to Treasury Secretary Steven Mnuchin, NWCUA joined CUNA, AACUL, and other credit union leagues in expressing concern that the application for loan forgiveness is “overly complex for most businesses.”

We’re urging Treasury to revamp the forgiveness process for loans under $350,000 and suggesting the process could be made even more automatic for loans of $50,000 or under, by requiring nothing more than a good faith certification the funds were properly used.

Read the letter here.

Posted in Advocacy on the Move.