House Passes $310B In Additional PPP Funds

(From CUNA News) – The House passed a bill adding $310 billion to the Paycheck Protection Program (PPP), a program from the Treasury and Small Business Administration to help businesses pay employees and meet other costs as they are impacted by the coronavirus disease (COVID-19) pandemic.

President Donald Trump is expected to sign the bill shortly.

“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 engagement with Congress last week, 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.