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.