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CUs' PPP frustrations voiced in national media
With the Small Business Administration's (SBA) payment protection program (PPP) entering the fourth day of its reboot, credit unions across the country have spoken out about their frustrations with the rollout and corresponding technical glitches.
The SBA reopened PPP applications through its E-Tran system Monday, and several credit unions and other lenders experienced system failures. Here's what NAFCU-member credit union leaders had to say about the issues:
- "The system just kept crashing, all day long," said Michael Lussier, president and CEO of Webster First Federal Credit Union, told The Hill;
- "It is still clunky, it is still slow, it is still up or down," said Richard Williams, president and CEO of Essential Federal Credit Union, told CNN; and,
- Maggie Sayer, president and CEO of Keys Federal Credit Union, mentioned to CNN that her credit union was only able to submit one application Monday because of crashes, but the process improved on Tuesday.
Earlier this week, NAFCU joined with eight other financial services trade groups to urge the SBA and Treasury Department to work together to improve the E-Tran system. NAFCU also met with Treasury to relay members concerns with the PPP, among other issues.
NAFCU will continue holding discussions with the Treasury Department, SBA, NCUA, and Congress to ensure the E-Tran system improves for credit unions. The association is actively working to ensure credit unions are able to provide needed relief to their members in need of assistance amid the coronavirus pandemic.