HR 6550
Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill aims to help small businesses recover from the economic impact of the COVID-19 crisis by temporarily modifying rules for credit unions. Specifically, it allows credit unions to make more member business loans without exceeding existing loan limits, provided the loans are used for recovery efforts and don't jeopardize the credit union's financial stability. The changes are in effect for three years, starting from March 13, 2020. The bill also directs the National Credit Union Administration to create clear guidelines for determining which loans qualify for this exception.
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Primary sponsor
Cosponsors
Abby Finkenauer
Alan S. Lowenthal
Anna G. Eshoo
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