Senate stimulus plan includes ICBA policies

Mar 24, 2020

While Congress and the Trump administration continue working to advance stimulus legislation responding to the coronavirus outbreak, the Senate's proposed legislation includes several ICBA-advocated measures.

The Senate plan includes ICBA-advocated proposals to:
  • enhance the Small Business Administration’s 7(a) loan program,
  • advance net-operating-loss tax relief,
  • increase the amount of interest expenses businesses may deduct on their tax returns,
  • ensure robust FDIC deposit insurance coverage,
  • delay implementation of the Current Expected Credit Losses accounting standard,
  • provide temporary relief from troubled-debt-restructuring classifications, and
  • reduce the Community Bank Leverage Ratio from 9 percent to 8 percent during the COVID-19 emergency.

As ICBA President and CEO Rebeca Romero Rainey said Sunday in a national news release, ICBA will continue working with Congress and the Trump administration to quickly implement needed measures to contain COVID-19's economic damage.