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

HB 6385 Small Business Community Banker COVID–19 Relief Act of 2020

US Congress 116th Congress

Small Business-Community Banker COVID–19 Relief Act of 2020
HB-6385


About HB-6385

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.

  

Bill Texts

Introduced 04/15/2020

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History

Introduced In House

03/25/2020

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.

03/25/2020