NAFCU Statement on PPP Fund Depletion, Calls for Additional Funding to Help Small Businesses

FOR IMMEDIATE RELEASE | April 16, 2020

NAFCU Statement on PPP Fund Depletion, Calls for Additional Funding to Help Small Businesses

WASHINGTON – The National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement after the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) funding depleted:

“As millions of small businesses and communities across the country confront a public health crisis caused by the coronavirus outbreak, policymakers must make sure it does not snowball into a full-fledged economic crisis too,” said NAFCU President and CEO Dan Berger. “With the SBA’s Payment Protection Program running out of funds after two short weeks, Congress must act to replenish the fund to ensure small businesses are able to keep their lights on and their employees paid during this uncertain economic time.

“Today, many credit unions have a large number of pending loan applications from small business owners looking for emergency financial assistance. With credit unions heavily engaged in serving underserved communities, which have been hit the hardest during this economic downturn, it is imperative policymakers set aside a portion of additional funding for credit unions. Credit unions have a strong track record and reputation for always putting its members first, and they stand ready to help.”

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The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.

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