Covid-19 Update, March 24, 2020
- So far the stimulus package has not moved forward.
- Secretary Treasurer Mnuchin advised that the stimulus package they are working on would help businesses for up to 10-12 weeks. I know many of you are eagerly awaiting details on this package, and hopefully they can come to an agreement soon to ease some of the stress small business owners and individuals are feeling.
- The President indicated in his press briefing that he plans to reopen the economy in weeks, which appears to be a turn from the direction we appeared to be heading.That being said, several states have restricted movement to a greater extent than the national guidelines.
- There has been no change with regards to Maine extending the deadline or payments.
- The AICPA confirmed with the Financial Accounting Standards Board that short term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not troubled debt restructurings. The agencies examiners will exercise judgment in reviewing loan modifications and will not automatically adversely risk rate credits that are affected by COVID-19.