WASHINGTON—Both NAFCU President Dan Berger and CUNA President Jim Nussle shared their feedback on the SBA’s Paycheck Protection Program (PPP) during a conference call with members of the House Financial Services Committee (HFSC).
Both trade group leaders told the committee credit unions continue to have issues with SBA’s E-Tran system for applications.
NAFCU Response
For his part, Berger reiterated the trade group’s call for more guidance and resources related the program. While the SBA reopened the application process for the PPP last week, as CUToday.info reported, credit unions and other lenders are continuing to experience issues that are delaying their ability to access the program.
“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.
CUNA Response
Meanwhile, Nussle shared concerns CUNA has heard from member credit unions about issues accessing Paycheck Protection Program (PPP) funds, including difficulties accessing the E-Tran system. CUNA noted it has already written to the Treasury and SBA calling for resolution to these issues to increase credit union access.
“Despite the pandemic and the issues rolling out certain relief measures, credit unions have been there for their members, which I was proud to share with House Financial Services Committee members during our conversation today,” Nussle said. “The average credit union PPP loan at around $64,000, compared to the national average of $300,000, shows that credit unions are getting needed funds to Main Street businesses, and I shared some inspiring examples I’ve heard from around the country.”
Nussle further shared ways CUNA believes Congress can act to help credit unions increase services to affected members, including enactment of the Access to Credit for Small Businesses Act, bipartisan legislation from Rep. Brad Sherman (D-CA) that would exempt credit union business loans made during the COVID-19 emergency from the member business lending cap for three years.