NCUA Exhausts Funding for COVID-19 Emergency Grants

The National Credit Union Administration has exhausted all available funds for coronavirus crisis urgent needs grants and no new applications will be accepted, agency officials announced Wednesday.

The agency said it will complete the review process for applications that are pending and will notify credit unions of its decisions by email.

Agency officials said that urgent needs grants not related to COVID-19 remain available. Federally insured, low-income-designated credit unions may apply for grants of up to $7,500 for emergency or disaster relief.

NCUA Chairman Rodney Hood earlier this year said that the agency recognized that the coronavirus crisis will affect every federally insured credit union and he encouraged low-income credit unions to apply for the grants. At the time, agency officials said that they were setting aside the majority of 2020 Community Development Revolving Loan fund money for pandemic relief.

The House has just begun its FY21 appropriations cycle and has not yet set the level of CDRLF funding for next year.

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