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House Speaker Nancy Pelosi, D-Calif., Senate Majority Leader Mitch McConnell, R-Ky., House Minority Leader Kevin McCarthy, R-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., met Tuesday afternoon to discuss federal government funding and coronavirus pandemic relief with the hopes of reaching a deal to pass an omnibus with relief provisions attached before current funding expires Friday.

Prior to the leaders' meeting, the bipartisan group of senators that had renewed coronavirus relief discussions earlier this month released the text of their proposal, separated into two packages: $748 billion with spending and relief provisions for small business lending, education, vaccines, transportation and more, and $160 billion with more controversial provisions sought by each party. This proposal is being used as the foundation of negotiations.

Of note, the proposal provides $300 billion for small business support, including extending the Small Business Administration's (SBA) paycheck protection program (PPP) and allowing certain borrowers to apply for a second PPP loan. It also includes NAFCU-sought provisions to simplify the PPP loan forgiveness process for loans under $150,000 and provides $2 billion emergency funding for Treasury’s Community Development Financial Institutions (CDFI) Fund.

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 negotiations continue ahead of Friday's deadline.