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Senate Fails to Pass 'Skinny' COVID Relief Legisla

Archived Industry News:Senate Fails to Pass 'Skinny' COVID Relief Legislation

Last Updated: 9/10/2020 4:15 PM

Senate Fails to Pass 'Skinny' COVID Relief Legislation

The U.S. Senate voted on a “skinny” COVID relief proposal today but it failed to garner the required 60 votes needed to pass. All Democrats and one Republican voted against the bill which included the streamlined  forgiveness provision on Paycheck Protection Program loans under $150,000. With negotiations at an impasse, and the real possibility that the House and Senate will not reach agreement on a broad COVID relief package, the banking industry is transitioning to request that Congress move the bipartisan forgiveness legislation as a standalone proposal. There are; however, only a few legislative days before Congress members return to their respective states and districts for reelection campaigns. To that end, the state associations, in cooperation with the American Bankers Association, are co-signing a letter to the House and Senate leaders requesting that they take immediate action on this important bipartisan issue.

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