Small Business-Community Banker COVID–19 Relief Act of 2020
USA116th CongressHR-6385| House
| Updated: 3/25/2020
John R. Curtis
Republican Representative
Utah
Agriculture Committee, Financial Services Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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.
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Timeline
Introduced in House
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.
Finance and Financial Sector
Accounting and auditingBanking and financial institutions regulationCardiovascular and respiratory healthCredit and credit marketsEconomic performance and conditionsEmergency medical services and trauma careFinancial crises and stabilizationInfectious and parasitic diseasesRetail and wholesale tradesSmall business
Small Business-Community Banker COVID–19 Relief Act of 2020
USA116th CongressHR-6385| House
| Updated: 3/25/2020
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.
View Full TextSuggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
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.
John R. Curtis
Republican Representative
Utah
Agriculture Committee, Financial Services Committee
Finance and Financial Sector
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Accounting and auditingBanking and financial institutions regulationCardiovascular and respiratory healthCredit and credit marketsEconomic performance and conditionsEmergency medical services and trauma careFinancial crises and stabilizationInfectious and parasitic diseasesRetail and wholesale tradesSmall business