Around the Clock Crisis: CUs and Leagues Work Together

Capitol building in Washington, D.C.

The California and Nevada Credit Union Leagues are surveying credit unions and gathering information on which ones are — or are not — planning on offering Paycheck Protection Program (PPP) relief loans through the U.S. Small Business Administration due to the COVID-19 crisis. Credit unions’ response will help guide the Leagues’ advocacy efforts and messaging with Congress.

For an update, read “Stimulus Checks, SBA Loans, and CU Concerns.”

CU Forms: Privately Insured Vs. Federal
Meanwhile, the SBA has released Form 3507 for privately insured credit unions’ use in applying to become Payroll Protection Program (PPP) lenders. If not already an approved SBA 7(a) lender, then privately insured credit unions can use this application and submit it to NFRLapplicationforPPP@sba.gov.

Federally insured credit unions continue to use Form 3506 to apply to become PPP lenders and email the form to DelegatedAuthority@sba.gov.

California Update
The California Department of Business Oversight (DBO) has a webpage listing of credit unions offering financial relief. As the League supplies updates to the DBO for its listing, we will be reaching out to confirm your support of relief programs.

Additionally, the DBO has issued a Consumer Alert that warns homeowners, borrowers and investors to be vigilant against scams and unlawful activities seeking to exploit heightened economic anxieties.

Also, due to the current economic crisis, the internal committee chairs of the Judicial Council of California have unanimously adopted recommendations to suspend eviction judgements and foreclosures on homeowners. You can view the council’s emergency COVID-19 response here, released yesterday afternoon.

Nevada Update
During a press conference yesterday evening, Nevada Governor Steve Sisolak announced he has signed Emergency Directive 013 in response to COVID-19, which expands upon and clarifies previous directives for non-essential business closures and mandated social distancing.

Section 5 of the directive requires the Nevada Occupational Safety and Health Administration (OSHA) to ensure essential businesses “provide adequate protections to their workers and adopt sanitation protocols that minimize the risk of spread of COVID-19 among their workforce.” The directive will remain in effect until April 30 unless extended by a further action from the Governor.

New Scam Alert
The Treasury Inspector General for Tax Administration (TIGTA) has launched a page on its website for individuals to learn about and report Coronavirus scams. TIGTA will also be issuing press releases and alerts regarding Coronavirus scams.

Our Story’s Impact in CA-NV News Outlets
We’ve tallied some tremendous numbers from March 23 – 27 regarding Governor Gavin Newsom’s announcement that California credit unions are committed to providing financial relief due to the economic impact of the Coronavirus pandemic. In just five days, our movement received:

  • 193 “mentions” in domestic and international news media outlets of all sizes (full articles and news briefs). Some of our top media hits were in USA Today, Yahoo Finance, MarketWatch, Associated Press and Los Angeles Times.
  • 73.3 million potential individual audience readers (“sets of eyeballs”) within online/digital monthly news subscribership; and a potential combined reach of 511 million individuals due to news mentions and 25,500 social media “shares.”
     

In Nevada, we are still collecting numbers since March 29, the day Governor Steve Sisolak announced that Nevada credit unions are committed to providing financial relief due to the economic impact of the Coronavirus pandemic. Click here to listen to a major story aired on KNPR Nevada Public Radio, where the host interviewed Leagues President and CEO Diana Dykstra.

This represents the Leagues' kick-off announcement in California and Nevada. Since then, the Leagues have continued to promote what credit unions are doing to provide assistance. There also has been local news coverage on the immense relief efforts credit unions are providing! Click here to hear and read some of the media coverage received by the Leagues and credit unions.

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