Back to homepage

Illinois regulator permits credit unions to offer PPP loans to non-members

April 10, 2020

On April 10, the Illinois Department of Financial and Professional Regulation authorized state-chartered credit unions to offer current and future government assistance programs created as a result of the COVID-19 pandemic, including loans made under the Small Business Administration’s Paycheck Protection Program, to members of other Illinois state-chartered credit unions. Credit unions doing so must maintain documents demonstrating that the individual or business seeking assistance is a member of another Illinois state-chartered credit union and that the credit union at which the person is a member is unwilling or unable to provide the applicable government assistance.