ABA Publishes Executive Summary of Coronavirus Relief Bill

Posted: Apr 01 2020

ABA has prepared an executive summary of the CARES Act—the $2 trillion stimulus package to provide relief to American consumers and businesses struggling as a result of the coronavirus pandemic. The bill was passed unanimously by the Senate late Wednesday night and is expected to be passed by the House today before heading to the president’s desk for signature.
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The bill contains several provisions ABA actively advocated for in conversations with policymakers over the last several days, including significant enhancements to the Small Business Administration’s lending programs, temporary relief from troubled debt restructurings, an optional CECL delay, an 8% community bank leverage ratio and more.
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The executive summary highlights these and other major provisions that are most relevant to the banking industry. ABA will provide a more detailed analysis of the legislation in the coming days, and will continue to monitor developments related to the bill, including implementation guidance issued by the federal agencies.

To read the executive summary, visit: https://www.aba.com/advocacy/policy-analysis/aba-executive-summary-cares-act