CUNA’s latest Member Activation Program (MAP) template is now available for credit unions to communicate what the passage of the CARES Act means for credit unions, both in terms of lending to member businesses and stimulus payments to consumers. CUNA has opened MAP resources, including the MAP Community, to all CUNA member credit unions to assist with COVID-19 recovery efforts.
MAP provides templates for messages that credit unions can customize to match their regular communications materials, allowing them to reach members directly with important information.
“As we stressed in previous MAP templates, it is crucial to continue to communicate with your members during this COVID-19 crisis and keep them abreast of the latest updates. That is why our latest template educates your members on what this legislation means for them,” said Adam Engelman, CUNA’s director of federal grassroots and programs. “The template explains the details of the one-time stimulus payments from the government and other provisions to aid individual members during this crisis.”
The CARES Act provides $349 billion in funding for the Paycheck Protection Program (PPP) to help small businesses meet payrolls. Small Business Administration-approved lenders will be given delegated authority to speedily process PPP loans. All federally insured depository institutions are eligible to participate and can begin making loans as soon as they are approved and enrolled in the program.
The legislation also provides for stimulus payments directly to consumers. The Internal Revenue Service and Treasury released initial information on the payments Wednesday, with more specifics to come.