PPP Loan Forgiveness Application Source: Shutterstock.

It may not have been the most high-profile story out of the massive public-private response to the COVID-19 pandemic, but nearly 850 credit union lenders stepped up and processed hundreds of thousands of loans worth billions of dollars to assist their small business members over the course of the Paycheck Protection Program’s run. In fact, credit unions were the second largest type of lender segment to participate in the PPP.

When Congress passed the CARES Act, federally-insured credit union lenders were able to become PPP lenders via an expedited application process. That provision enabled credit union lenders to quickly begin processing loans for their members in April 2020, when the economic impact of the pandemic was uncertain, with projections being made of severe unemployment and a recession or perhaps even a depression.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.