H.R. 6385 · 116th Congress
Small Business-Community Banker COVID–19 Relief Act of 2020
- Stage
- In committee
- Sponsor
- John Curtis
- Introduced
- 2020-03-25
- Latest action
- 2020-03-25 · Introduced in House
Summary
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.