ARLINGTON, Va.–SBA Administrator Jovita Carranza told credit unions they have played a critical part in getting Paycheck Protection Program funds to small businesses.
Speaking to NAFCU’s Virtual Congressional Caucus, Carranza said the PPP loans have been a “lifeline for tens of thousands of distressed small businesses from coast to coast. Along the way you became front-line heroes in the efforts to save our nation’s economy.”
Carranza, who praised her own agency for the work it has done with the program, noted the SBA expanded the list of authorized PPP lenders to 5,500 from the initial 800 and said the program represented the greatest strain on its resources in its 66-year history.
“Together we improved the program and made it more accessible to borrowers,” said Carranza. “I thank you for your energy, patience and perseverance during this critical time.”
All told, said Carranza, credit unions issued more than 200,000 PPP loans, with 80% of those loans of $50,000 or less.
“Your efforts are saving the truly small businesses being hit hard by the pandemic,” she said. “You have helped to save more than one-million jobs. This will be remembered as one of the most successful emergency response programs in history.”
Carranza added that nearly 70% of all PPP loans went to firms with fewer than 10 employees, which she said is an “important metric,” since the average minority owned firm has eight employees.