Senate Approves $310B in Additional PPP Funds

On Tuesday, the Senate voted to approve an additional $310 billion in funds for the Paycheck Protection Program (PPP), re-funding the program after it ran out of funds last week. PPP was originally funded at $349 billion by the CARES Act, and CUNA, state leagues and credit unions have been engaging with legislators since then to secure additional funding, including writing this letter.

“Before funding ran out, Michigan credit unions helped member owners close on $750 million worth of PPP loans for 7,500 businesses. These loans reached an estimated 150,000 employees,” said MCUL President/CEO Dave Adams. “These new funds will allow Michigan credit unions to do what they do best — serving those in need. Our movement will continue to proactively reach out to members in need of small business support to assist with the application process.”

The $310 billion contains a $60 billion set aside for community lenders, including state and federal credit unions, with:

• $30 billion for loans made by insured depository institutions with between $10 billion and $50 billion in assets; and
• $30 billion for loans made by institutions with assets of less than $10 billion.