Sending Office: Honorable Brad Sherman
Cosponsor the Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020
Please join us in introducing the Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act of 2020 to ensure that our communities’ credit unions are able to provide their member businesses with the access to credit they need during
the current crisis.
For over twenty years, credit unions have been subject to a federal member business lending cap, which currently limits a credit union’s loans to its member businesses at 12.25% of its assets.
Given the urgent financial needs of so many small businesses because of the COVID-19 crisis, now is the time to provide credit unions with additional flexibility to serve their business members.
The Access to Credit for Small Businesses Impacted by the COVID–19 Crisis Act
would address this issue by providing a tailored 3-year exemption to the member business lending cap for loans made by credit unions to aid in COVID-19 crisis relief and recovery. This exemption is specifically prohibited from allowing for member business
loans which would undermine the safety and soundness of a credit union.
The deadline to be an original cosponsor is Thursday, April 16, by COB. If you have any questions or would like to cosponsor, please contact Rob Robilliard (Robert.Robilliard@mail.house.gov) in Congressman Brad Sherman’s office. Thank you
for your consideration.
BRAD SHERMAN (D-CA) DON YOUNG (R-AK)
SUZANNE BONAMICI (D-OR) BRIAN FITZPATRICK (R-PA)
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