# 2026-22538: Pandemic-Era PPP Loan Rules Become Permanent Six Years Later

2026-22538, Treatment of Emergency Amendments: Paycheck Protection Program Liquidity Facility and Paycheck Protection Program Loans, is a Federal Register rule from National Credit Union Administration published 2026-11-04, effective 2026-11-04; PRIA reads it as touching household money (as of 2026-11-04).

- Canonical: https://policyrisk.com/federal-register/2026-22538
- As of: 2026-11-04
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-22538
- Title: Treatment of Emergency Amendments: Paycheck Protection Program Liquidity Facility and Paycheck Protection Program Loans
- Type: Rule
- Agencies: National Credit Union Administration
- Citation: 91 FR 69493
- Published: 2026-11-04
- Effective: 2026-11-04
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: 3133-AG16
- Last updated: 2026-11-04

## In one line

Pandemic-Era PPP Loan Rules Become Permanent Six Years Later

## Summary

The NCUA is making permanent the emergency rules from 2020 that helped credit unions support small businesses during COVID-19 through the Paycheck Protection Program (PPP). This means PPP loans still get special treatment in credit union capital rules, helping lenders keep funds flowing smoothly. The final rule kicks in on November 4, 2026, ensuring credit unions can keep backing their members with confidence.

## Abstract

The NCUA Board (Board) is issuing a final rule adopting as final the revisions to the capital adequacy rule and the member business lending rule made under an interim final rule (IFR) published in the Federal Register on April 27, 2020.

## Effects PRIA read

- PPP Loans Keep Zero Risk Weight: benefit, medium. Federally insured credit unions (FICUs) may continue to assign a zero percent risk weight to Paycheck Protection Program (PPP) loans under the NCUA's risk-based capital rules. The rule adopts as final the April 27, 2020 interim final rule, preserving the PPP zero percent risk-weight treatment requi…
- PPP Loans Excluded from Total Assets When Pledged: benefit, medium. PPP loans that a credit union pledges as collateral to the Federal Reserve's PPP Loan Facility are excluded from the NCUA definition of total assets for calculating a credit union's net worth ratio. This exclusion allows FICUs to neutralize the regulatory capital effects of participating in the PPP…
- PPP Loans Not Treated as Commercial Loans: benefit, medium. The rule finalizes the April 27, 2020 amendment that excludes PPP loans issued under the CARES Act from the definition of "commercial loan" in 12 CFR 723.2. Because PPP loans are excluded, the enhanced underwriting and due-diligence requirements in the member business lending rule do not apply to t…
- No Significant Impact Found for Small Credit Unions: benefit, low. The NCUA certifies that this final rule will not have a significant economic impact on a substantial number of small federally insured credit unions, where "small" is defined as credit unions with assets less than $100 million. The agency states the rule does not impose any new significant burden o…

## Related documents

- [2026-11559](https://policyrisk.com/federal-register/2026-11559): Preemption-Federal Credit Union Non-Interest Charges and Fees, 2026-06-09
- [2026-22537](https://policyrisk.com/federal-register/2026-22537): Member Business Loans; Commercial Lending, 2026-11-04
- [2026-21948](https://policyrisk.com/federal-register/2026-21948): NCUA Draft 2027-2028 Budget, 2026-10-28
- [2026-21512](https://policyrisk.com/federal-register/2026-21512): Notification to Members/Shareholders, 2026-10-21
- [2026-21508](https://policyrisk.com/federal-register/2026-21508): Conversion to State-Chartered Credit Union, 2026-10-21
- [2026-21509](https://policyrisk.com/federal-register/2026-21509): Nonconforming Investment Special Reserve, 2026-10-21

## Sources
- [2026-22538 on federalregister.gov](https://www.federalregister.gov/documents/2026/11/04/2026-22538/treatment-of-emergency-amendments-paycheck-protection-program-liquidity-facility-and-paycheck)
- [2026-22538 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-11-04/pdf/2026-22538.pdf)

## Related
- [Previous: 2026-22537, Member Business Loans; Commercial Lending](https://policyrisk.com/federal-register/2026-22537)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-22538 (as of 2026-11-04).