September 10, 2020

As Senate prepares vote on 'skinny' package, NAFCU calls for more CU relief

Capitol domeThe Senate could vote as early as today on a revised "skinny" version of their Phase 4 coronavirus relief package. While it does include NAFCU-sought provisions to help simplify the forgiveness process for paycheck protection program (PPP) loans and provide liability protections, NAFCU's Brad Thaler called for additional relief measures that would help credit unions better serve their members amid the crisis.

The revised "skinny" proposal was released Tuesday and includes language from the NAFCU-supported the Paycheck Protection Program Small Business Forgiveness Act (S. 4117), as well as additional funding for the PPP, liability protections for schools and businesses as they begin to reopen, and an increase in the weekly federal unemployment benefits through Dec. 27.

In a letter to Senate Majority Leader Mitch McConnell, R-Ky., and Minority Leader Chuck Schumer, D-N.Y., and members of the Senate, Thaler – NAFCU's vice president of legislative affairs – reiterated NAFCU's request for additional credit union priorities, including:

NAFCU's advocacy team will continue to share with lawmakers the challenges facing credit unions and their members amid the coronavirus pandemic and fight for meaningful relief provisions.

Stay tuned to NAFCU Today for the latest updates on relief efforts.