H.R. 6385 · 116th Congress
Small Business-Community Banker COVID–19 Relief Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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CurtisSponsorNo cosponsors.
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.
What it does: CRS summary · 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business-Community Banker COVID–19 Relief Act of 2020
Latest action (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.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 25, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.