Lujan Holds Virtual Roundtables with Community Lenders and Credit Unions to Support New Mexico Small Businesses

Statement

Over the weekend, Congressman Ben Ray Luján (D-N.M.), the U.S. House Assistant Speaker, held virtual roundtables with more than 20 New Mexico community lenders, credit unions, and experts from the House Small Business Committee and the Small Business Development Center to provide assistance to credit unions and community banks that are processing Paycheck Protection Program Loans for small businesses.

Last week, Congressman Luján helped pass an interim coronavirus funding package to support small businesses and frontline workers, including $310 billion in additional funding for the Paycheck Protection Program. This legislation specifically designated $60 billion in funds for community lenders, small and medium-sized banks, and credit unions. During the first round of PPP funding, New Mexico lenders were able to secure 8,277 critical loans for small businesses totaling more than $1.42 billion.

Participants in these roundtables were from institutions that were able to provide these loans to small businesses in New Mexico or recently became a qualified Paycheck Protection Program lender. Lenders were able to share how they are helping small businesses, as well as ask questions and provide feedback on how best to support small businesses.

"New Mexico credit unions and community banks have stepped up to support local businesses and bolster local economies during this crisis. This weekend, leaders from across my district came together to share what they are doing to support small businesses through PPP loans. The urgent demand for these loans underscores the importance of investing in this program and providing further assistance to small businesses and workers," said Luján. "I was glad to have leaders from these banks and credit unions share feedback so the next legislative effort continues to meet the needs of New Mexicans. While these funds are available, it's critical that small businesses work with their local lenders to apply for PPP loans."

Earlier today, the U.S. Small Business Administration resumed accepting Paycheck Protection Program applications from participating lenders. Congressman Luján encourages small businesses to work with their local lenders to apply for funds. Nonprofits and farmers are also eligible to apply for PPP loans.

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