Paycheck Protection Program application with cash Source: Shutterstock.

CUNA and NAFCU joined 40 members of the House of Representatives to support a request for the Small Business Administration (SBA) to review its Paycheck Protection Program (PPP) “Good Faith Error” rule in an effort to potentially forgive excess loan amounts that were sent out or make statutory changes to the rule.

In response to the pandemic, Congress established the SBA’s paycheck program under the CARES Act and the Economic Aid Act in which credit unions, banks and other private lenders distributed nearly $800 billion in guaranteed and forgivable loans to small businesses. According to estimates from the SBA, there were more than 304,000 PPP loans sent out during the pandemic with excess loan amount errors totaling more than $3.7 billion – and the SBA wants that money back.

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Michael Ogden

Editor-in-Chief for CU Times.

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