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

2/8/2022, 11:17 PM

Congressional Summary of HR 6385

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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Current Status of Bill HR 6385

Bill HR 6385 is currently in the status of Bill Introduced since March 25, 2020. Bill HR 6385 was introduced during Congress 116 and was introduced to the House on March 25, 2020.  Bill HR 6385's most recent activity was 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. as of March 25, 2020

Bipartisan Support of Bill HR 6385

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 6385

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- 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

Alternate Title(s) of Bill HR 6385

Small Business-Community Banker COVID–19 Relief Act of 2020
To provide temporary relief from troubled debt restructuring disclosures, to delay the implementation of certain accounting standards for depository institutions substantially affected by COVID-19, and for other purposes.
Small Business-Community Banker COVID–19 Relief Act of 2020

Comments

Sponsors and Cosponsors of HR 6385

John R. Curtis
John R. Curtis
UtahRepublican

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