'New York Credit Unions Making a Difference': PPP Loans by the Numbers
New data shows New York CUs facilitated more than 9,250 loans under the Paycheck Protection Program.
Credit unions in New York state were lenders of nearly $430 million in PPP loans, the New York Credit Union Association said in a new analysis.
New York credit unions facilitated more than 9,250 loans under the Paycheck Protection Program, the federal coronavirus relief designed to support small businesses with fewer than 500 employees, the credit union trade association said.
Data from the U.S. Small Business Administration showed PPP loans from credit unions in New York helped save 60,135 jobs, the association said.
“This is another great example of New York credit unions making a difference in the state and in their local communities,” William J. Mellin, president/CEO of the New York Credit Union Association, said in a statement. “Many of the state’s credit unions stepped up to get certified by the SBA to offer PPP loans to their members and then helped members through the complicated process of applying for these loans.”
Mellin said, “Their efforts helped save more than 60,000 local jobs and helped support the economies of their communities. Their efforts to help businesses in this difficult time truly exemplified the credit union mission of ‘people helping people.’”
Overall, more than 930 credit unions across the country participated in the PPP loan process, according to SBA data. Credit unions were responsible for nearly 200,000 PPP loans valued at more than $9.7 billion. The latest PPP round deadline is Aug. 8.
Newly released SBA records showed the names of PPP recipients for loan amounts above $150,000. The SBA data provided a range for the loan recipient, in addition to noting the lender. The PPP loans, which are forgivable if certain conditions are met, were capped at $10 million.
Empower Federal Credit Union ($2.3 billion in assets, 213,956 members) helped AccessCNY obtain a PPP loan between $5 million and $10 million, SBA records showed. Cornerstone Community Federal Credit Union ($503 million in assets, 45,932 members) worked with Eastern Niagara Hospital on its loan for between $5 million and $10 million. ESL Federal Credit Union ($7.4 billion in assets, 371,778 members) helped Perry’s Ice Cream on its loan between $5 million and $10 million.