Coronavirus: Trump declares national emergency; Congress, agencies work to provide relief

President Donald Trump Friday declared a national emergency in the wake of the coronavirus. Doing so opens up $50 billion of funding for states and U.S. territories to address the virus, waives several restrictions on hospitals, and more. In addition, Congress continues to work to reach an agreement on emergency funding and the Small Business Administration (SBA) announced disaster relief lending.

NAFCU is maintaining close communication with the Trump administration, Congress, and regulators to ensure they are aware of what credit unions are doing to support members during the outbreak and of how they can provide regulatory relief to the industry.

Trump said by declaring the national emergency, the goal is to stop the spread of the coronavirus and help Americans that have been infected by the virus or impacted by it.

In Congress, the House postponed its recess that was set to begin Friday to reach a deal on emergency funding to address paid sick leave, free coronavirus testing, food assistance, unemployment insurance, and more. The Senate was also set to leave for recess but is staying through the week to finalize an emergency package.


continue reading »