PPP updates: here’s what CUs need to know

On By nycuaIn NY Minute

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Association leadership is following quickly changing events related to the Paycheck Protection Program.

New developments related to the PPP, reported by Kendra Rubin, the Association’s vice president of government affairs, include:

Numbers. As of 4:30 p.m. Tuesday, the PPP numbers include:

  • $76 billion disbursed;
  • 301 new PPP lenders since April 3;
  • 282,000 loans made; and
  • 3,350 total lenders.

Guidance. More guidance regarding the PPP is expected, Rubin said. “SBA indicated they are updating additional FAQs and guidance documents they expect will be released this evening or tomorrow.”

Funding. Additional PPP funding may be requested by Congress as early as Thursday. “There were indications Tuesday that Congress may send an additional $250 billion to the PPP (on top of the original $349B) as early as this Thursday,” Rubin said.

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