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Michigan Credit Union League

Federal Emergency Stimulus Legislation and Related Guidance: Credit Union Information

Starting in early March, Congress has passed, and the President has now signed, three emergency stimulus bills into law. Below you can find resources that provide detailed information that affect the credit union industry.

Families First Coronavirus Response Act (Phase 2)

The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through Dec. 31, 2020.

CARES Act Including the Paycheck Protection Program (Phase 3)

On March 27, President Trump signed into law a $2 trillion stimulus bill, the CARES Act, to provide relief during the COVID-19 pandemic. The legislation was amended to include credit unions in several provisions that, through drafting oversights, had previously only included banks and other lenders and are meant to support struggling small businesses and protect consumer finances.

HEROES Act (Phase 4)

On May 15, the House passed the latest piece of COVID-19 relief legislation, the HEROES Act. The bill includes hundreds of billions of dollars in funding for local and state governments in the bill, while also seeking to address other priorities, such as unemployment insurance, financial assistance to individuals on COBRA to cover program premiums and a fund toward the increase of wages/salaries of front-line employees during the pandemic.

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