Senate unanimously passes the Coronavirus Aid, Relief and Economic Security Act (CARES)
Thursday, March 26, 2020
Last night the Senate unanimously passed H.R. 748, the Coronavirus Aid, Relief and Economic Security Act or “CARES” act. House Majority Leader Steny Hoyer says the House plans to vote on the package via a voice vote tomorrow and the President has signaled he will immediately sign.
Among the many relief programs included in the stimulus package, there were some items of interest for credit unions—particularly as virtually all credit unions continue to lean forward and help our members.
DCUC has participated in a number of phone calls with industry leaders. Many of the conversations and follow-up phone calls center on how to recover when the dust finally settles.
As such, we would like to highlight two of the programs in the CARES Act for your action (FORAC).
- The legislation expands NCUA's Central Liquidity Facility (CLF). This serves as a liquidity lender to credit unions experiencing unusual or unexpected liquidity shortfalls.
DCUC encourages each of you to join the CLF now as a buffer against potential liquidity issues and as there is safety in numbers.
- The legislation makes credit unions eligible to participate in the paycheck protection program. This allows for 100% federally guaranteed loans to small businesses that maintain their payroll.
Please ensure you participate in this program to support your small business owners who also support many of your members.