As a member of Kitsap Credit Union, you’re a part of a movement that has a solid foundation in grassroots efforts. It was because of grassroots efforts that credit unions were established in the United States to provide financial options for people of modest means who were being left out of the banking systems. Credit unions, like ours, are not-for-profit, member-owned financial cooperatives. We, as a cooperative of member-owners, have another opportunity to support each other. We’re asking for your help to support legislation that will provide relief for our local small business members.
In the early stages of the COVID-19 pandemic, we were happy to assist nearly 200 of our small business members obtain funding through the SBA Paycheck Protection Program (PPP) loan, which helped save over 1,200 local jobs. The unique feature of the Paycheck Protection Program is its loan forgiveness, which can be granted when businesses document the loans were properly used. In this next phase, we are concerned that the application for loan forgiveness is overly complex and burdensome for most businesses, especially those with fewer resources.
We, along with many in the credit union movement, are supporting legislation that will revamp the SBA PPP forgiveness process for loans $150,000 or under and require only to provide a good faith certification stating the funds were used for forgivable expenses.
Here’s How You Can Help
Please join us in advocating passage of Senate Bill 4117 to relieve the documentation burden for our small businesses. You can do this by contacting your representative directly, or following this link to the Northwest Credit Union Association website, where they have provided everything you need, including an email form, to contact our Senate and Congressional leaders quickly and easily.
If you’d like to view our signed letter to the Treasury, please click here.
Thank you for your support and your membership.