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HR 6385 116th Congress House Finance and Financial Sector Accounting and auditing Banking and financial institutions regulation Cardiovascular and respiratory health Credit and credit markets Economic performance and conditions Emergency medical services and trauma care Financial crises and stabilization Infectious and parasitic diseases Retail and wholesale trades Small business

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

Introduced: March 25, 2020 Introduced by: Curtis, John R. Republican · Utah See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 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.
Mar 25, 2020
Introduced in House
 Plain-English summary Congressional Research Service

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's happening now March 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.

 Committees of jurisdiction 2