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More PPP Money Will Be Needed to Help Recovery, Nussle Tells Congress

NAFCU and CUNA send letters asking Congress to support the needs of small businesses around the country.

paycheck protection program mobile app Source: Shutterstock.

The Paycheck Protection Program is likely to need more money to assist U.S. small businesses in recovering from the pandemic, CUNA/President Jim Nussle warned this week.

In a letter to the Senate Small Business Committee, Nussle said the last coronavirus crisis legislative package included $284 billion in new PPP loan funds, but that more will be needed. “This funding is much needed but likely insufficient to cover the need of struggling small businesses,” he wrote to the committee, which was considering the nomination of Isabella Casillas Guzman to head the Small Business Administration. “We urge Congress to consider additional PPP funding in 2021.”

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