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The great work our credit unions have done in response to the COVID pandemic before jumping into our departmental updates, I want to take a moment and highlight
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Thank you for visiting the 2020 Priority Report july. This will be our 2nd quarter version where we dig a little much deeper into our updates. We wish that this report discovers you healthier, and enjoying this gorgeous Michigan summer time weather.
Before jumping into our departmental updates, i wish to take a moment https://personalinstallmentloans.org/payday-loans-sd/ and highlight the fantastic work our credit unions have inked in reaction into the COVID pandemic. We have been tracking credit union activities with small businesses through the issuing of Paycheck Protection Program (PPP) loans and member relief services such as loan modifications and fee waivers as you know.
For the quarter that is second Michigan's credit unions have actually assisted a lot more than 10,000 small enterprises get nearly $600 million in PPP loans, 10% of which are for brand new credit union users whom found the assistance they required when looking at their regional credit union. These loans helped keep our Main Street companies operating, having a median size around $20,000 per loan. The step that is next the mortgage forgiveness process where we continue steadily to make use of lawmakers on legislation that can help streamline the procedure.
As well as PPP initiatives, our Michigan credit unions have inked work that is outstanding people with home loan relief, making every work to keep individuals within their houses in this crisis. a calculated 14,000 property owners owing significantly more than $1.9 billion in home mortgages have obtained assistance with mortgage repayment delays, and much more than 300 have actually had foreclosures postponed.
More over, users in need of assistance had been released significantly more than 250,000 skipped re re payments causing a lot more than $1 billion re payment delays as a result of monetaray hardship associated with short-term earnings loss.