Newsroom
NAFCU, trades call for passage of standalone PPP legislation
As Congress continues negations on a Phase 4 coronavirus relief package, NAFCU Tuesday joined with other financial services trade organizations to urge Congress to support small businesses and pass legislation that would continue the paycheck protection program (PPP) and simplify the forgiveness process for PPP loans. The association has continuously worked with the Small Business Administration (SBA), Treasury, and Congress to ensure credit unions' ability to lend effectively through the program and help their small business members.
In the letter, sent to House and Senate leadership, the trade associations noted an impending slowdown to the economic recovery without congressional intervention.
"At the heart of our recovery is the ability for small businesses, which employ tens of millions of people, to pay their employees and maintain their monthly expenses," wrote the group. "The PPP provided over 5 million small businesses the financial lifeline they desperately needed to weather the start of the pandemic and the economic shutdown that followed.
"As these businesses continue to recover, they will need additional resources to maintain business operations, and the PPP remains the most efficient and effective means to assist them through this challenging period," they added.
The group also advocated for a simplified loan forgiveness process, voicing their support for the Paycheck Protection Small Business Forgiveness Act, S. 4117, and the House companion, H.R. 7777 – bipartisan legislation that would provide an automatic forgiveness process for covered PPP loans of less than $150,000.
NAFCU has actively sought automatic forgiveness of small dollar PPP loans for the benefit of both small businesses and credit unions that are recovering from the coronavirus pandemic and may have strained financial and human resources.
The association will continue to advocate for relief measures related to the PPP and regularly update its FAQs as guidance is released. Access all relevant resources here.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
Get daily updates.
Subscribe to NAFCU today.