In response to the COVID-19 outbreak, Congress passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020. The President signed the CARES Act into law on the same day. The CARES Act is intended as Phase III of federal government support in the wake of the coronavirus health crises and the associated economic fallout. The Act provides a package of over $2 trillion in stimulus to help combat the health crisis and send economic relief to workers and businesses affected by restrictions meant to stop the outbreak’s spread.
CARES Act: Laws & Regulations
CARES Act: Additional Resources
CARES Act: Model Policies
The following policy from CU PolicyPro can be used to help you craft your own policy on this topic:
- Model Policy 7436: CARES Act – Small Business Administration (SBA) Loans Updated 9/30/2020
We recommend reviewing your own policies to see if this policy or similar policies have already been customized and are in use by your credit union. If you're not sure if your credit union subscribes to CU PolicyPro, contact firstname.lastname@example.org for assistance.