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It may not have been the most high-profile story out of the massive public-private response to the COVID-19 pandemic, but nearly 850 credit union lenders stepped up and processed hundreds of thousands of loans worth billions of dollars to assist their small business members over the course of the Paycheck Protection Program's run. In fact, credit unions were the second largest type of lender segment to participate in the PPP.
When Congress passed the CARES Act, federally-insured credit union lenders were able to become PPP lenders via an expedited application process. That provision enabled credit union lenders to quickly begin processing loans for their members in April 2020, when the economic impact of the pandemic was uncertain, with projections being made of severe unemployment and a recession or perhaps even a depression.
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