SBA Guidance: Paycheck Protection Program

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treasury department

The U.S. Treasury Department and Small Business Administration have just released their guidance for issuing loans under the Paycheck Protection Program (PPP) as part of the CARES Act (the stimulus bill signed into law on Friday, March 27).


Federally insured credit unions are eligible to participate in the program and issue PPP loans if they are an SBA-approved lender. Please review the Treasury’s guidance for all federally insured depository institutions.

Credit unions that are not currently an SBA-approved lender can apply for PPP authority by submitting an application to the following email address: DelegatedAuthority@sba.gov. The Treasury’s guidance does not (at the time of this email) provide an application. The application is forthcoming and will be posted on the CARES Act section of Treasury’s website at an undetermined time.

As a reminder, credit unions are NOT eligible to borrow under the program for their internal use.

The SBA has also issued an FAQ sheet for borrowers, which you may find informative.

The Treasury and SBA will continue to update guidance as the program comes online. The Leagues will provide updates as we receive them.

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