Conversation with Senator Cramer on P3 Loan Cancellation Legislation | 2020-07-31
Credit unions and leagues met with Senator Kevin Cramer (R-ND) on Friday to discuss the participation of credit unions in the Paycheck Protection Program (P3) and his bill to cancel most PPP loans. Senator Cramer is the primary sponsor of the bipartisan Paycheck Protection Act, the Small Business Forgiveness Act (S. 4117), which will facilitate the cancellation of PPP loans for loans under $ 150,000 and provide lenders with liability protection. The conversation took place during a web meeting hosted by CUNA.
“Here in the Dakotas, the credit unions have really stepped up the P3 process because a third of our credit unions have participated in it and Senator Cramer is a longtime friend of the credit unions,” Jeff Olson, president / general manager of the credit union. Dakota Association said in introducing the senator at Friday’s meeting.
Senator Cramer spoke to the group about the importance of the Paycheck Protection Program, saying the program was intended “to make sure that we could keep our small businesses through this very deep. [economic] valley. ”The senator also shared his appreciation for all the credit unions have done to connect local businesses to these loans.
According to CUNA economists and Small Business Administration statistics, the average PPP loan issued by credit unions was only $ 49,000, with 94% of PPP loans facilitated by credit unions falling below the threshold of $ 150,000.