NCUA Summary of the Coronavirus Aid, Relief, and Economic Security (CARES) Act

Letter to Credit Unions (20-CU-07)
Summary of the Coronavirus Aid, Relief, and
Economic Security (CARES) Act

Dear Boards of Directors and Chief Executive Officers:

This letter provides vital information about key changes affecting your credit union due to the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Read the Letter to Credit Unions

The Coronavirus Aid, Relief, and Economic Security Act was signed into law by President Trump on March 27, 2020. The CARES Act contains numerous provisions to help workers, families, and businesses, including unemployment insurance benefits and loan guarantee programs. It also contains provisions that assist severely distressed sectors of the economy. Some of the CARES Act provisions that affect credit unions are described herein.