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Credit unions in Michigan helped more than 10,400 small businesses obtain $600 million in virus-era Paycheck Protection Program loans, according to a new quarterly report from the Michigan Credit Union League.
Ten percent of PPP loan recipients were new credit union members, MCUL said. The median size of the loan was about $20,000. MCUL said an estimated 14,000 homeowners who owed nearly $2 billion in mortgage loans have received assistance through payment delays, and foreclosures were postponed for more than 300 homeowners.
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Mike Scarcella
Mike Scarcella is a senior editor in Washington on ALM Media's regulatory desk. Contact him at [email protected]. On Twitter: @MikeScarcella. Mike works on a slate of newsletters: Supreme Court Brief | Higher Law | Compliance Hot Spots | Labor of Law.
