Haaland: Small Businesses Can Now Apply for Relief Funding Through Credit Unions

Statement

Today, Congresswoman Deb Haaland (NM-01) praised the inclusion of expanded lending options for small businesses in the Paycheck Protection Program and Health Care Enhancement Act that passed yesterday. After Haaland heard from New Mexico credit unions that there were restrictions in place that limited their ability to help small businesses with disaster loans, she immediately got to work to lift those restrictions and help small businesses seeking assistance in New Mexico.

"Every opportunity for relief should be available for small businesses, but we heard from credit unions in New Mexico and across the country who were being kept out of the process, which limited access to disaster loans for our businesses. Credit unions have stepped up and the revisions I fought for in this most recent bill will help keep workers on the payrolls and small businesses afloat," said Congresswoman Deb Haaland.

Paycheck Protection Program and Health Care Enhancement Act includes $310 billion in additional funding for the Paycheck Protection Program, with $30 billion designated for community lenders, small banks, and credit unions; and $30 billion for medium-sized credit unions and banks.

Last week, in a letter to House leadership, Haaland and a bipartisan group of members requested to increase the arbitrary cap that prevents credit unions from lending to more of their small business members.

The effort is hailed by credit unions in New Mexico and across the country.

"Representative Deb Haaland understands New Mexico, and the vital role it's credit unions play in keeping small businesses going. Her willingness to step up and ask for an end to the artificial business loan restriction is a great demonstration of that understanding. Now, more than ever credit unions are uniquely positioned to help small businesses, and outdated regulations should not stand in the way. Credit unions are grateful for Deb's leadership," said Paul B. Stull President/CEO of the Credit Union Association of New Mexico

"This letter will ensure that credit unions can be there for small businesses looking to get back to work helping Main Street communities quickly recover from this unprecedented crisis," said Jim Nussle, President/CEO of the Credit Union National Association. "We thank Reps. Bonamici, Haaland and Young for their leadership in this crucial bipartisan effort."

"We thank Representatives Suzanne Bonamici, Deb Haaland, and Don Young for working with NAFCU and our members and leading the effort to increase the member business lending cap to allow credit unions to provide more assistance to small businesses and communities in need," said Dan Berger, National Association of Federally-Insured Credit Unions President and CEO. "This strong showing of support from so many members of Congress is a testament to the need for additional help for small businesses that credit unions stand ready to provide if arbitrary and outdated limitations on their ability to do so are lifted."

"Congresswoman Bonamici has been a leading voice for credit unions and the important role they play in providing capital to small businesses since her first day in office," said Jennifer Wagner, EVP & Chief Advocacy Officer, Northwest Credit Union Association. "We appreciate her tireless efforts, especially amidst the current crisis, knowing the families and communities here in Oregon that will benefit from this change."

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