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Financial Services Law Insights and Observations

Iowa Division of Credit Unions issues regulatory bulletin on the Paycheck Protection Program

State Issues Covid-19 Iowa Credit Union SBA CARES Act

State Issues

On April 3, the Iowa Division of Credit Unions issued a regulatory advisory bulletin pertaining to small business lending during the Covid-19 crisis. The bulletin provides details on the new Paycheck Protection Program offered through the Small Business Administration as part of the broader CARES Act. The guidelines provide application details for credit unions seeking to participate in the PPP, and specify that SBA-approved 7(a) lenders already qualify to issue PPP loans. The regulatory changes apply only PPP loans, and do not impact or otherwise change traditional 7(a) loans.