With reports that the Small Business Administration’s Paycheck Protection Program (PPP) funding of $349 billion has been exhausted, attention now turns to what Congress will do to help replenish this program and save more small businesses. LSCU-affiliated credit unions in all three of our states quickly rushed to become eligible lenders in an effort to help their members and communities but now must wait for Congress to act in order to continue offering PPP loans.
The League has been in contact with members of Congress urging them to act quickly to replenish the program. On Thursday, members of the LSCU Board and Advocacy committees had a 30-minute phone conference with Sen. Marco Rubio (R-FL), chairman of the Senate Small Business and Entrepreneurship committee. Rubio agreed that more funding is needed, but stopped short of guaranteeing when the additional funding would be approved by Congress. The League will continue to be engaged with Congress, pushing for more funding, but also for the ability of credit unions to be borrowers under the PPP going forward.
If you have any questions, please do not hesitate to contact LSCU President Jared Ross.