Resources available for credit unions and their members impacted by COVID-19 restrictions
Published by: Emily Leite
March 19, 2020 | Government Affairs, Member Benefits, Public Awareness, Regulatory
As your credit union prioritizes taking care of staff and operations, there are federal resources available to assist you. Recently, the NCUA released the following guidance to help credit unions preserve safety and soundness while navigating the evolving financial needs of members. Additionally, credit union advocacy is already at work, requesting the President and Congress to quickly provide flexible regulatory oversight and increased resources to empower credit unions to do even more.
The evolving restrictions on social interactions and gatherings are also hitting people hard – especially small business owners and employees in the service, restaurant, and retail industries. Please consider connecting your members and member businesses with the following state and federal assistance opportunities:
- Unemployment relief for employees without paid leave impacted by closures and operating restrictions
- Economic assistance for small businesses needing to return unopened high proof liquor products purchased within the past 30-days
- Economic Injury Disaster Loans, offered by the Small Business Administration, that offer small businesses and non-profits necessary capital to survive until normal operations resume following a disaster
For additional assistance in connecting your members with state and federal resources, please reach out to League Senior Vice President of Advocacy Emily Leite.
T: (614) 923-9770
C: (614) 581-8460