As credit unions focus on serving people, families, communities, and businesses during difficult times, Congress continues to adjust the Small Business Administration (SBA) Paycheck Protection Program (PPP) to make it easier to do so. Recent PPP changes extend the borrower application deadline from June 30, 2020 to August 8, 2020, modifies program flexibility, and provides a more streamlined forgiveness process, creating full forgiveness opportunities for a substantial amount of PPP borrowers. These necessary PPP changes will reduce credit union risk concerns surrounding forgiveness and provide additional time for member businesses to access the remaining $130 billion in available PPP funds. Additional changes to the program, including broader forgiveness provisions, are still under consideration. The League will keep you updated on any modifications impacting your ability to serve member businesses.
If you have any questions or concerns regarding recent PPP modifications, please contact League SVP of Advocacy Emily Leite for additional assistance.