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Business Administration Loan tools to assist small enterprises and users through the COVID-19 Pandemic

Business Administration Loan tools to assist small enterprises and users through the COVID-19 Pandemic

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).