ALEXANDRIA, Va. (April 24, 2020) – National Credit Union Administration Chairman Rodney E. Hood issued the following statement today after the Paycheck Protection Program and Health Care Enhancement Act was signed into law by President Donald J. Trump:
“The increased funding for the Small Business Administration’s Paycheck Protection Program under this act will greatly benefit local communities and small businesses across the country.
“Of note is the nearly $60 billion in funding specifically for PPP loans through community-based financial institutions like federally insured credit unions. Credit unions are embedded in the fabric of their communities, and those ties ensure they are well positioned to meet the financial and credit needs of small businesses and entrepreneurs, and to support local communities.
I encourage credit unions that are able to utilize this program to learn more about the options available to them. The NCUA will wholeheartedly support credit unions’ efforts to use the SBA’s PPP program to aid businesses and members affected by COVID-19.”