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Following Tuesday's meeting with Republican and Democratic congressional leadership, lawmakers are close to sealing a deal on additional coronavirus relief. The proposal is expected to extend the Small Business Administration's (SBA) paycheck protection program (PPP), allow certain borrowers to apply for a second PPP loan, and include NAFCU-sought provisions to simplify the PPP loan forgiveness process for loans under $150,000.

In addition, the deal would likely provide $2 billion in emergency funding for Treasury's Community Development Financial Institutions (CDFI) Fund and another round of economic impact payments for consumers.

NAFCU Vice President of Legislative Affairs Brad Thaler sent a message to association members Wednesday urging their help in securing these industry-supported provisions. Credit unions are encouraged to use NAFCU's Grassroots Action Center to send messages directly to lawmakers on these issues.

Lawmakers are working to finalize the relief provisions so that they could be attached to the federal government funding omnibus bill. Current funding is set to expire at midnight Friday; legislation needs to be passed by both the House and Senate and signed by the president before the deadline to prevent a government shutdown.

NAFCU will continue to advocate for full funding for programs used by credit unions in the FY 2021 appropriations: The NCUA's Community Development Revolving Loan Fund (CDRLF), the CDFI Fund, and small business lending programs. The association is also continuing to advocate for more pandemic relief for credit unions.

Stay tuned to NAFCU Today as legislation progresses on Capitol Hill.