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Collection Industry Organizations Support Protecting Stimulus Payments from Garnishment

in News
04. 13. 20
posted by: Administrator
Last Updated: April 13 2020
Created: April 13 2020
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Three collection industry organizations, the Commercial Law League of America, Commercial Collection Agencies of America, and the International Association of Commercial Collectors, all support any action to protect the Coronavirus Aid, Relief, and Economic Security (CARES) Act (“CARES Act”) stimulus payments to individuals from garnishment. Leadership of all three organizations recognize the extent of the economic crisis and the impact the pandemic has had on our whole economy, but most particularly on small businesses and individual consumers.

While many of our members and clients are small business owners who have been significantly impacted by the economic crisis, we agree that the CARES Act stimulus payments should be used by individuals for basic living expenses. We join the recommendation that any stimulus payment paid to an individual under the CARES Act be deemed as exempt from execution, and recommend that the Treasury Department code the individual’s stimulus payment as a federal benefit to ensure it is protected.

We stand united with all Americans during this economic crisis and will do what is necessary to make sure we all make it through this pandemic.