Ohio credit unions have a well-established history of service in difficult times, providing people-centric services calibrated to individual, business, and community needs. That’s why the full, free, and clear participation by credit unions in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) is necessary to provide a critical lift to small, Main Street businesses during the COVID-19 pandemic. To help make execution of PPP loans easier and faster for credit unions, the League recently urged the SBA to take swift action to provide program access to all state and federally-charted credit unions and reconcile evolving federal laws with complete and timely rulemaking. The League continues to promote and protect Ohio credit unions interests as Congress continues negotiations on potential PPP changes, such as updated timelines and cost allocations and forgiveness provisions. A federal legislative compromise is expected soon, and we’ll continue to monitor its impact on Ohio credit unions and your members.
If you have questions about PPP loans or would like to share challenges you’ve experienced offering small businesses assistance through the program, contact League SVP of Advocacy Emily Leite.