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The Paycheck Protection Program was created for the peculiar economic conditions of a pandemic. Hopefully, the forgivable loans will never be needed again.
But despite the one-off nature of the program, interviews with credit unions indicated that the PPP loan program was one of the tests of institutional capacity among credit unions presented by the pandemic. Some chose to aggressively meet the call by redeploying workers, standing up new systems and working with government agencies trying to do the same.
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