Following relentless ICBA advocacy on behalf of the nation's community banks, the Senate voted 96-0 to approve bipartisan economic stimulus legislation responding to the coronavirus outbreak with ICBA-advocated measures. The bill is expected to pass the House and be signed into law by President Donald Trump.
“After working tirelessly to advocate for measures that help America’s households and small businesses, ICBA and the nation's community banks thank policymakers for including critical measures and resources in the stimulus deal that support the economy and provide access to credit," ICBA President and CEO Rebeca Romero Rainey said in a national news release.
The compromise bill includes ICBA-advocated policies 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,
- reduce the Community Bank Leverage Ratio from 9 percent to 8 percent during the COVID-19 emergency, and
- support livestock and specialty crop producers.
"While you are fighting for your customers and communities, know that ICBA will always be there doing the same for you," Romero Rainey wrote in a message to community bankers. "We are all in this together, community bankers, and I couldn’t be prouder to represent you as we work to contain COVID-19's economic damage in communities across the nation."