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CUNA, NAFCU Say PPP Rules Needed Before Loans Are Made

In a letter to the SBA and Treasury, the groups ask for quick loan guidance to help implement loans smoothly.

U.S. Small Business Administration building Source: Shutterstock.

Financial and industry trade groups, including CUNA and NAFCU, are urging the Small Business Administration and Treasury Department to issue guidance and rules for the resurrected Paycheck Protection Program before any loans are issued.

“It is imperative that SBA, Treasury and other agencies involved provide comprehensive and timely guidance fully detailing the programs’ new rules to minimize any program delays or last-minute changes that would force businesses and lenders to alter loans that are in process of fulfillment,” the groups, including the American Bankers Association and industry groups such as the National Retail Federation, whose members might apply for loans under the PPP, wrote in a letter to the agencies.

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