DCUC sends letter to Treasury Secretary and SBA's Administrator expressing concerns with the PPP
Thursday, April 2, 2020
DCUC sent a letter to Treasury Secretary Mnuchin and SBA’s Administrator Carranza to express concerns with the recent guidance on the Paycheck Protection Program (PPP) created in the CARES Act.
The letter outlines concerns and recommendations for:
- Temporary Removal of Member Business Lending Caps
- Exempting Credit Unions from Military Lending Act Restrictions
- Relaxing Restrictions on Expenses Other Than Payroll
- Extending the Payback Period to 10 years
- Developing Stronger Protections Against Lender Liability
- Allowing Credit Unions to Borrow (many are small businesses as well)
DCUC continues to seek ways we can partner with federal and state efforts to assist our Nation’s working families and business owners in this time of need. We hope these recommendations are helpful in removing obstacles and providing more tools for our credit unions to use in the current crisis.
Plus, doing so sends a clear signal that our nation recognizes the strong impact our credit unions have in fostering and sustaining entrepreneurship in order to successfully re-build our economy.
As strong community partners, we are very happy to work with the Treasury Department and the Small Business Administration to provide a vehicle to extend relief to our nation’s business owners.
DCUC continues to advocate on behalf of our more than 180 member credit unions and will provide information as soon as we receive it.
You can access more Regulatory, Industry, and DoD resources on DCUC's COVID-19 Information page and go to our Advocacy page to see DCUC's top advocacy priorities for 2020.