NCUA LETTER TO CREDIT UNIONS

NATIONWIDE CREDIT UNION MANAGEMENT 1775 Duke Street, Alexandria, VA 22314

Dear Panels of Directors and Ceos:

President Trump finalized the Coronavirus Aid, Relief, and Economic Security (CARES) Act into legislation. The CARES Act provides $349 billion in assist with small enterprises, a lot of which are dealing with difficulty that is economic to social distancing, shelter-in-place requests, along with other measures built to stem the pandemic. An overview is provided by this letter for the PPP and details about the SBA’s Economic Injury tragedy Loan (EIDL) system. Please relate to the interim final guideline (starts brand brand brand new screen) for lots more details.

The U.S. small company management (SBA) issued an interim last guideline (starts brand brand new screen) that describes one of the keys conditions associated with Paycheck Protection Program (PPP) (starts brand brand brand new screen). The SBA will consider public comments submitted during the 30-day comment period, and may revise the rule based on feedback while the interim rule is effective upon publication in the Federal Register. Smaller businesses may submit an application for PPP loans (starts window that is new starting. Separate contractors and individuals that are self-employed apply starting.

The NCUA will likely not criticize credit unions’ good faith efforts to prudently make use of the SBA programs with members impacted by COVID-19. Continua a leggere