The New York Credit Union Association and CUNA are supporting SBA Paycheck Protection Program forgiveness legislation that was recently introduced in Congress.
The bipartisan legislation (S. 4117 and H.R. 7777) would allow small businesses that have received PPP loans of $150,000 and less to have their loans forgiven.
On Monday, an action alert was sent to approximately 900 credit union leaders, asking them to let their representatives and senators know they support the legislation. Credit union advocates can access CUNA’s Grassroots Action Center to contact their lawmakers in support of the legislation.
“We can avoid the burdensome cost of superfluous bureaucracy required to arrive at the foregone conclusion of loan forgiveness by implementing a few commonsense changes,” said one of the sponsors of the bill, said Republican Sen. Kevin Cramer of North Dakota, in a statement about the proposed legislation. “The Paycheck Protection Small Business Forgiveness Act would give small businesses peace of mind by eliminating unnecessary bureaucratic requirements and simplifying the process for forgiving smaller loans.”
Nationwide, credit unions accounted for the origination of over 196,000 PPP loans and 934 credit union lenders generated loans totaling $9.7 billion through June 30, according to an SBA report.