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House passes HEROES Act, paving the way for more CDFI and PPP funding

by Cornerstone Credit Union League | May 19, 2020

The U.S. House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act on May 15. The bill could pave the way for more funding of Community Development Financial Institutions and the Paycheck Protection Program.

Included in the bill is $1 billion for support and recovery in distressed communities through the CDFI program, and another $659 billion in PPP loans; however, the 1,800-page bill is unlikely to be passed by the Republican-led Senate.

"We at Cornerstone Credit Union League have been working with members of our congressional delegation regarding credit union priorities in the region," said Chief Government Relations Officer Jim Phelps. "Lawmakers representing Arkansas, Oklahoma, and Texas appreciate credit unions' contributions to the well-being of members, communities, and small business owners they serve, and we're grateful for their consideration of extended PPP and CDFI provisions in any bill that moves forward."

In addition, Cornerstone supports CUNA's request to House officials asking that emergency funding for the Community Development Revolving Loan Fund also be included in new legislation.

The $3 trillion economic relief package includes an extension of the $600-per-week increase in unemployment insurance, student loan debt-forgiveness legislation, and a $1,200 payment to every family member, including children, of up to $6,000 per household.