Small Business Administration headquarters building entrance (Image: Shutterstock).
Credit unions hoping to help small businesses land some of the $349 billion in Small Business Administration assistance from the federal coronavirus stimulus package should take steps now to prepare for what's expected to be a crush of members seeking help.
Paycheck Protection Program
Though they are still finalizing the logistics of the SBA loan program, the SBA and Treasury Department have released additional details regarding the Paycheck Protection Program. On Tuesday, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin announced that in addition to all existing SBA-certified lenders, all federally-insured depository institutions, federally-insured credit unions and Farm Credit System institutions are eligible now to participate in the Paycheck Protection Program.
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