House and Senate lawmakers late Monday night passed a $900 billion bipartisan coronavirus relief package. President Donald Trump on Tuesday night suggested he might not sign the bill, calling it a “disgrace” and demanding a boost in payments to households.

The ABA has prepared a staff analysis for bankers of the provisions currently included in the 5,500-page bill that affect the banking industry. Among other things, the bill includes several ABA-backed provisions, including:

• $284 billion in new funds for the Paycheck Protection Program, including a second draw option for prior PPP borrowers and $15 billion set aside specifically for first and second draws issued by community financial institutions, including community development financial institutions and minority depository institutions.

• $12 billion in targeted emergency investments to help low-income and minority communities, including $9 billion to be used by Treasury to create an Emergency Capital Investment Program to make direct and indirect capital investments in low- and moderate income financial institutions.

• A hold-harmless safe harbor for PPP lenders from enforcement and penalties to include all certifications made by borrowers or applicants connected to initial or second-draw PPP loans.

• A simplified PPP forgiveness process allowing PPP loans of $150,000 or less to be forgiven after the borrower completes a one-page attestation.

• Repeal of a CARES Act provision that required PPP borrowers to deduct the amount of their EIDL advance from their PPP forgiveness amount.

• Enhancements of existing SBA loan programs, including the 7(a), 504 and microloan programs.

• A new round of $600-per-person economic impact payments for eligible recipients (not subject to garnishment).

• An extension of enhanced unemployment insurance.

• An extension until Jan. 1, 2022, of the troubled debt restructuring provisions that were included in the CARES Act.

• A delay of CECL implementation until Jan. 1, 2022.

In a statement ahead of the votes on Monday, ABA President and CEO Rob Nichols commended lawmakers on the bipartisan effort to draft the long-awaited stimulus bill. “The bipartisan agreement reached by congressional leaders will provide much-needed relief to families, workers, and businesses still struggling from COVID-19,” he said. “Importantly, this agreement contains several ABA-supported provisions that will allow banks to provide additional help to individual and business customers under financial stress from the pandemic.” Read the staff analysis.  For more information on the legislation, contact ABA's James Ballentine.