ABA-Advocated Provisions Expected in Bipartisan COVID-19 Package

As negotiations continue on Capitol Hill over a bipartisan, $908 billion coronavirus relief package, draft language released by the congressional negotiators indicates that several ABA-advocated provisions are likely to be included. These key provisions include a $300 billion Paycheck Protection Program reauthorization along with several enhancements: a simplified forgiveness application; language holding PPP lenders harmless; and clarification on agent fees, the deductibility of Economic Injury Disaster Loan advances from PPP loan forgiveness and the tax-deductibility of business expenses paid for with PPP loan proceeds.

Amid the fluid negotiations, ABA continues to advocate for extensions on CARES Act provisions like the treatment of troubled debt restructuring accounting to ensure banks can continue to provide a wide range of forbearance options to borrowers affected by the pandemic. For more information, contact ABA’s James Ballentine.

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