Paycheck Protection Program application. Source: Shutterstock.

Amid all of the excruciating frustrations during the application process of the Paycheck Protection Program reported by many financial institutions, particularly small credit unions, some of them came through for “Main Street” businesses. Those businesses, considered the staples of local economies, sorely needed the federal government forgivable loans to survive the devastation wrought by the coronavirus economic shutdown.

Obviously, larger credit unions with more resources and personnel appeared to fare better, with some managing to secure hundreds or thousands of PPP loans for their community’s small companies. Some of those financial cooperatives reported getting PPP loans for small businesses that were turned away by their large primary financial institution.

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Peter Strozniak

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