The House Saturday passed the American Rescue Plan Act – the $1.9 trillion coronavirus relief package – which includes some NAFCU-supported provisions to help small businesses survive and recover from the pandemic and provide assistance to homeowners and renters. The legislation now heads to the Senate for consideration.
Ahead of the House vote, NAFCU Vice President of Legislative Affairs Brad Thaler detailed the association’s support for these provisions and also outlined additional efforts to provide credit unions with the necessary tools to continue to support members through the crisis.
The bill would also send another round of economic impact payments (EIPs) to consumers – NAFCU has asked Congress to include language to protect EIPs from garnishment – boost unemployment payments, increase certain tax credits, and provide additional funding to support testing and vaccination efforts. The House version includes language to raise the federal minimum wage to $15 per hour; however, the Senate parliamentarian ruled that it does not meet requirements to be passed under budget reconciliation. Discussions are continuing on how to address the minimum wage issue.
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