New York credit unions tout more than 9,000 PPP loans
Credit unions in New York have facilitated over 9,250 loans in the Paycheck Protection Program, totaling nearly $430 million, according to a report from the New York Credit Union Association that collected data from the Small Business Administration and NYCUA member institutions.
More than 93% of the loans from New York credit unions were for less than $150,000, the threshold many industry trade groups continue to advocate for in regard to loan-forgiveness measures from the federal government. NYCUA said SBA data showed credit unions in the Empire State saved more than 60,000 jobs as a result of these loans.
“Although COVID-19 necessitated many credit unions reduce in-branch operations and have staff often working remotely, credit unions were essential and continued to help members and the communities, seamlessly and effectively,” NYCUA President and CEO Bill Melin said in a press release. “Their efforts are part of the reason businesses in the state were able to retain employees and maintain operations.”
Credit unions across the country have actively taken part in PPP but some of the nation’s largest CUs notably did not. Data last month showed the industry has accounted for just 4% of total loans through the program and only 2% of the volume. Many PPP lenders, including some credit unions, have also begun opting to sell off those loans rather than keep them on their books.