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NAFCU highlights key provisions of American Rescue Plan Act in new resource
NAFCU is committed to ensuring credit unions have the resources they need to remain informed of the ever-changing legislative and regulatory environment as they navigate business operations through the coronavirus pandemic and beyond. To further this mission, the association recently released a new complimentary resource summarizing the key provisions of the American Rescue Plan Act of 2021.
The American Rescue Plan Act, enacted March 11, includes NAFCU-supported provisions to help small businesses and provide assistance to homeowners and renters.
The association’s easy to navigate summary chart breaks down the need-to-know provisions, which include:
- targeted expansion of the Small Business Administration’s economic injury disaster loan (EIDL) program and additional funds for the paycheck protection program (PPP);
- establishment of a Homeowner Assistance Fund and appropriation of additional funds for rental assistance; and
- extension of available paid sick and paid family leave credits, similar to what was made available under the Families First Coronavirus Response Act (FFCRA).
The association also has available a similar resource summarizing key relief provisions enacted under the Phase 4 coronavirus relief and FY2021 federal government omnibus measure and a chart to breakdown the key Bank Secrecy Act (BSA)/anti-money laundering reforms included in the fiscal year 2021 National Defense Authorization Act.
NAFCU's dedicated coronavirus resource page has a number of additional resources, including links to pandemic-related webinars, compliance blog posts, and the latest developments related to NAFCU's 2021 conference lineup.
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