Credit unions in New York State have facilitated more than 9,250 Payroll Protection Program loans since the program’s inception. The PPP loans totaled more than $429,756,000, according to information released by the Small Business Administration as well as data collected via a member survey conducted by the New York Credit Union Association.
The SBA data also showed that 60,135 jobs in the state were saved by these credit union facilitated loans.
“This is another great example of New York credit unions making a difference in the state and in their local communities,” said William J. Mellin, the Association’s president/CEO. “Many of the state’s credit unions stepped up to get certified by the SBA to offer PPP loans to their members and then helped members through the complicated process of applying for these loans. Their efforts helped save more than 60,000 local jobs and helped support the economies of their communities. Their efforts to help businesses in this difficult time truly exemplified the credit union mission of ‘people helping people.’”
According to the SBA data, of the PPP loans facilitated by credit unions, more than 8,660 were for loans under $150,000. According to Mellin, this demonstrates that credit unions were at the forefront of helping small businesses and organizations that are the backbone of local communities and of the credit union movement.
“Although COVID-19 necessitated many credit unions reduce in-branch operations and have staff often working remotely, credit unions were essential and continued to help members and the communities, seamlessly and effectively. Their efforts are part of the reason businesses in the state were able to retain employees and maintain operations.”