The great work our credit unions have done in response to the COVID pandemic before jumping into our departmental updates, I want to take a moment and highlight
Thank you for visiting the 2020 Priority Report july. This will be our 2nd quarter version where we dig a little much deeper into our updates. We wish that this report discovers you healthier, and enjoying this gorgeous Michigan summer time weather.
Before jumping into our departmental updates, i wish to take a moment and highlight the fantastic work our credit unions have inked in reaction into the COVID pandemic. We have been tracking credit union activities with small businesses through the issuing of Paycheck Protection Program (PPP) loans and member relief services such as loan modifications and fee waivers as you know.
For the quarter that is second Michigan’s credit unions have actually assisted a lot more than 10,000 small enterprises get nearly $600 million in PPP loans, 10% of which are for brand new credit union users whom found the assistance they required when looking at their regional credit union. These loans helped keep our Main Street companies operating, having a median size around $20,000 per loan. The step that is next the mortgage forgiveness process where we continue steadily to make use of lawmakers on legislation that can help streamline the procedure.
As well as PPP initiatives, our Michigan credit unions have inked work that is outstanding people with home loan relief, making every work to keep individuals within their houses in this crisis. a calculated 14,000 property owners owing significantly more than $1.9 billion in home mortgages have obtained assistance with mortgage repayment delays, and much more than 300 have actually had foreclosures postponed.
More over, users in need of assistance had been released significantly more than 250,000 skipped re re payments causing a lot more than $1 billion re payment delays as a result of monetaray hardship associated with short-term earnings loss. Include an additional $23 million in emergency loans and $800 million in consumer and auto loan changes, the effect on our users life is significant.
These kinds of figures are particularly effective for members searching for healthy economic relief, in addition to legislators who require to comprehend the primary solutions our not-for-profit motion offers at this time. This really is just a snapshot for the data we’ve been in a position to gather for the quarter that is second. I ask one to visit our web site to examine the complete news release.
Additionally, I wish to emphasize our brand new CU Link imaginative videos which can be now real time and open to our credit unions on our CU Link web page. Our company is happy with these Michigan messages that showcase just how within these tough financial times, credit unions have once more come through because of their community. Additionally they give attention to just how, now more than ever before, people will benefit from low prices and charges. These adds bring us back positioning because of the Open Your Eyes campaign and we’ll carry on these kinds of message through the remainder 12 months.
I’d also love to simply take a moment to thank the users of our two prominent MCUL task forces that were fulfilling the past many months. We now have gained tremendous input from the users of our COVID reaction and healing Task Force and our small company Association PPP Task Force. Both teams continue steadily to fulfill and advise us as to how we could better provide both you and assist you to provide your people.
FEDERAL ADVOCACY AGENDA
Kicking things down with advocacy, i do want to start in Washington, DC., where in fact the U.S. Senate is expected to introduce, debate and vote on stage 4 emergency stimulus legislation within the weeks that are coming. The Republican-led chamber will likely focus its bill on company protections, autumn college spaces and work creation. ItвЂ™s likely the bill may also include some standard of money for state and local governments, along with medical care providers coping with increasing COVID-19 instances and americans, be it through stimulus checks or taxation credits.
While you may recall, the U online payday WA.S. House stage 4 bill that passed in might, called the HEROES Act, included around $3 trillion in financing. The Senate is anticipated to attempt to keep their bill nearer to $1 trillion. The HEROES Act included a few conditions that stressed us, mainly those who created moratoriums on foreclosures, evictions, unsecured debt and business financial obligation.
Even though the HEROES Act had been considered become dead on arrival when you look at the Senate by Republican leadership, Republicans will have to negotiate along with their colleagues that are democratic secure the required 60 votes necessary to pass a bill. We’ve communicated our issues to each of our U.S. Senators and urged them to work alongside their Senate leaders that are democratic keep this language from the bill.
We additionally discussed the good conditions of this HEROES Act because of the Senate workplaces and requested they support and work to have these conditions contained in the bill thatвЂ™s fundamentally passed away. This consists of language that establishes a $75 billion home owner Assistance Fund, provides $100 billion for leasing assistance, directs $1 billion in capital for the CDFI Fund and includes reforms to PPP.
Although we wait, weвЂ™re pleased to see Congress get together and focus on PPP recently, extending the application form due date to August 8. In addition, Sen. Kevin Cramer introduced legislation that could offer businesses that are small PPP loans of $150,000 or less with automated forgiveness. The hope is have the legislation put into any coming Phase 4 crisis stimulus bill. WeвЂ™ll keep you apprised of any developments around PPP, stage 4 legislation along with other credit union federal legislative priorities.
STATE ADVOCACY AGENDA
The legislature has begun their summer break with only a handful of session days scheduled between now and September on the state side. Ahead of the legislatureвЂ™s departure, they provided the Governor by having a bill that suspended the July 1 due date when it comes to FY 21 budget. This can enable the Governor as well as the legislature more time to find approaches to address the $3 billion deficit.