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Paycheck Protection Program application Source: Shutterstock.

The Paycheck Protection Program is fading into history, but its effects on credit unions will continue both from experiences gained and impacts on their books that are still playing out.

The U.S. Small Business Administration administered the program, which was designed to help small businesses survive the shutdowns and curtailments caused by the COVID-19 pandemic. The loans were designed to be forgiven if borrowers met the requirements for using the funds primarily to support payroll.

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Jim DuPlessis

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