On Thursday, the U.S. House of Representatives passed bipartisan legislation to provide struggling small businesses with more flexibility while using loans provided through the Paycheck Protection Program (PPP), in the latest effort by lawmakers to help limit the economic impact of COVID-19.
This bill does not address the issue of allowing credit unions to borrow funds under the PPP, an issue the LSCU Advocacy Team continues to lobby Congress and the Small Business Administration to address.
The Senate has its own version of this bill, and while it slightly differs from what just passed the House, there are many similarities. Lawmakers do not expect this to be the last PPP or COVID-19 related legislation.
If you have any questions, please do not hesitate to reach out to LSCU President Jared Ross@lscu.coop.