HR 6385 · 116th Congress · Finance and Financial Sector

Small Business-Community Banker COVID–19 Relief Act of 2020

Introduced 2020-03-25· Sponsored by Rep. Curtis, John R. [R-UT-3]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.(2020-03-25)

Plain Language Summary

[AI summary unavailable — showing source text] Small Business-Community Banker COVID-19 Relief Act of 2020 This bill allows a depository institution to delay compliance with specified accounting standards when modifying a loan for a small business affected by COVID-19 (i.e., coronavirus disease 2019) in a troubled debt restructuring. A depository institution is not required to comply with certain accounting standards applicable to credit losses (i.e., current expected credit losses standards, also known as CECL standards) if it has been substantially affected by COVID-19.…

Summarized by Claude AI · Non-partisan · For informational purposes only