Small Business-Community Banker COVID–19 Relief Act of 2020
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Mar 25, 2020)
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.
What just happenedMar 25, 2020
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.
Who’s behind it
- Introduced in HouseMar 25, 2020
- Mar 25, 2020IntroReferralH11100
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.
Agriculture Committee - Mar 25, 2020IntroReferralH11100
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.
Financial Services Committee - Mar 25, 2020IntroReferralIntro-H
Introduced in House
- Mar 25, 2020IntroReferral1000
Introduced in House