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Berger shares CU PPP perspective with HFSC
NAFCU President and CEO Dan Berger Friday briefed House Financial Services Committee (HFSC) members on credit unions’ challenges with the Small Business Administration’s (SBA) paycheck protection program (PPP). NAFCU has been at the forefront of the fight to ensure credit unions are able to access PPP funds to serve their small business members affected by the coronavirus pandemic.
During the call with the Committee, Berger reiterated the need for more guidance and resources on the program. While the SBA reopened the application process for the PPP last week, credit unions and other lenders are continuing to experience issues that are delaying their ability to access the program.
Of note, the E-Tran system used by lenders to submit borrowers' applications experienced several outages in the past two days, severely hindering the approval process. NAFCU joined with eight other financial services trade groups in a letter sent last week to urge the SBA and Treasury Department to work together to improve the system.
“NAFCU appreciates the House Financial Services Committee for inviting us to Friday’s PPP briefing, and listening to credit unions’ suggestions on how we can improve the E-Tran system for the SBA’s payment protection program,” said Berger. “Credit unions are working around the clock, despite website crashes and technical glitches, to ensure their members’ loan applications are processed and their funds delivered to pay employees and meet expenses.
“As the pandemic continues, credit unions will continue to show up for their members and give all they have to help them get through this crisis, and NAFCU will continue working closely with policymakers to ensure credit unions have the tools and resources they need to deliver,” concluded Berger.
The Committee briefing included several other financial services industry CEOs.
NAFCU is actively working to ensure credit unions are able to provide needed relief to their members and will remain in close communication with member credit unions participating in the PPP. The association will also continue advocating for more guidance and resources for the PPP, specifically as it relates to loan forgiveness and future funding.
Learn more about recent PPP developments, and access the association's PPP FAQs for more information.