A coalition of trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, is pushing Congress to pass legislation that would allow businesses receiving loans of $150,000 or less from the Paycheck Protection Program to have their loans forgiven by submitting a one-page form. S. 4117, introduced by Sen. Kevin Cramer (R-N.D.) and a bipartisan group of Senate Banking Committee members, also would hold lenders harmless if a borrower’s one-page form contains falsehoods. “This bipartisan legislation would ensure our nation’s small business owners can focus their time, energy, and resources back into their business
The House Financial Services Appropriations Subcommittee on Wednesday will consider FY21 spending legislation that would provide $273.5 million for the Community Development Financial Institution program.
That would represent an $11.5 million increase from this year’s total, but much less than program advocates wanted. Wednesday’s markup of the financial services funding bill is the first step in the FY21 CDFI appropriations process.
With some $130 billion still in the lending pot, the House and Senate have passed legislation to extend the Small Business Administration’s Paycheck Protection Program through August 8.
The measure now goes to President Trump, who is expected to sign it. The PPP program expired Tuesday.
The Trump Administration’s poor oversight of the Paycheck Protection Program has placed billions of dollars at risk, left lenders confounded and invited fraud, the Government Accountability Office said Thursday.
Congress is unlikely to enact another economic stimulus bill until late July or early August, Brad Thaler, NAFCU’s vice president of legislative affairs predicted Thursday. Speaking at the trade group’s virtual “State of the Industry” conference, Thaler said, however, that with the legislative authority for the Small Business Administration’s Paycheck Protection Program expiring on June 30, the House and Senate might try to extend the program in a smaller bill. “This could happen before a large [stimulus bill] if there can be bipartisan agreement,” he said. The House has passed a large stimulus measure that includes aid to state and
In a wish list sent to every office on Capitol Hill Tuesday, the Credit Union National Association renewed its call to allow expanded business lending by credit unions for one year to help businesses weather the coronavirus pandemic. A one-year exemption from the current Member Business Lending cap would open up some $5 billion for investment and could create as many as 50,000 jobs, CUNA said.
The specific information that the Small Business Administration will disclose for the Paycheck Protection Program loans will not include the name of the lenders making the loan.
The Trump Administration is violating federal law by refusing to provide the Government Accountability Office with information concerning the Coronavirus Aid, Relief, and Economic Security (CARES) Act, five House committee chairs charged Wednesday.
Expressing concern about who received loans under the Paycheck Protection Program, Democrats on the Select Subcommittee on the Coronavirus Crisis are demanding that the Trump Administration and the nation’s largest banks provide the panel with specific details about lending under PPP.
All 45 Democratic senators are pushing the Trump Administration to develop a streamlined process for the smallest businesses to obtain loan forgiveness under the Paycheck Protection Program.
The 45 senators, in a letter to Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza, did not go as far as credit union trade groups, which have called for automatic loan forgiveness for certain borrowers.