CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
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 - Winter 2020

Winter 2020

Credit Union Magazine’s Winter 2020 edition features CUNA’s 2021 lending outlook, CEO insights on adjusting to the pandemic, and board recruitment strategies.
Digital Edition •  Subscribe

Trending

  • Compliance: 2020 Year in Review, Checklist now available

  • 5 fraud predictions for 2021

  • CUNA sends recommendations to incoming Biden administration

Tweets by CUNA_News

Polls

Will you ask employees to receive the coronavirus vaccine?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors