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News

Home » HEALS Act would provide PPP liability protection
Policy & Issues

HEALS Act would provide PPP liability protection

July 29, 2020
Cap1

The Senate Republican COVID-19 relief legislation unveiled this week, the HEALS Act, contains CUNA-supported liability protection, as well as other Paycheck Protection Program reforms. The House passed its COVID-19 relief bill, the HEROES Act, in May.

The HEALS Act contains a provision providing no enforcement action could be taken against a lender who in good faith relied on a certification or documentation submitted by a borrower of a covered loan.

Other PPP improvements include:

  • Making certain operations, property damage, supplier and worker protection expenses forgivable;
  • Simplifying the forgiveness process for loans under $150,000 and for loans between $150,000 and $2 million, but not to the extent CUNA seeks in the PPP Forgiveness Acts in the House and Senate;
  • Allows eligible businesses to take a second PPP loan;
  • Expands PPP loan eligibility to certain 501(c)(6) organizations, chambers of commerce and destination marketing organizations;

The bill also creates a limited refundable payroll tax credit equal to 50% of an employer’s costs of protecting employees from COVID-19 and cleaning workspaces.  However, this does not include federal instrumentalities, which CUNA will seek to change.

Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
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