CUNA, NAFCU Say PPP Rules Needed Before Loans Are Made

Financial and industry trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, would like guidance and rules for the new Paycheck Protection Program issued soon so that there will not be constant updates and changes like those that occurred during the first PPP. The groups sent a letter to the Small Business Administration and Treasury Department, suggesting comprehensive and timely guidance on the program rules so that a smooth implementation can occur.

Final Stimulus, Spending Bill Includes Big Boost for CDFIs, Extension of CLF Provisions

Congress is preparing to pass legislation that contains a $12 billion set-aside for the Community Development Financial Institutions program, and extensions of the Paycheck Protection Program, the Troubled Debt Restructuring provisions, and the pandemic-related provisions of the National Credit Union Administration’s Central Liquidity Facility. Congress is combining the coronavirus economic stimulus bill and the FY21 omnibus appropriations measure into one bill totally 5,593 pages.

A Push for Streamlined PPP Forgiveness; Judge Orders Loan Data Be Made Public

In a letter to congressional leaders, some 100 business groups including the Credit Union National Association, the National Association of Federally-Insured Credit Unions, the American Bankers Association and the Independent Community Bankers of America, call on Congress to enact legislation to forgive all Paycheck Protection Program loans of up to $150,000 using a one-page application. Meanwhile the Small Business Administration is facing a judicial deadline to make information on PPP loans public.