This bill aims to protect paychecks and small businesses if a bank or credit union runs into trouble. It expands federal insurance for certain business payment accounts—checking used mainly for payroll and regular bills—that pay little or no interest. These accounts would be insured up to $100 million per depositor at each bank or credit union, with details set by regulators, so payroll and vendor payments can still be made on time .

It also creates an emergency tool for crises: if top financial regulators and the Treasury Secretary agree it’s needed, the government can temporarily guarantee all money in qualifying non‑interest or very low‑interest checking accounts for up to 6 months, with a possible 3‑month extension. Participating banks and credit unions would pay fees to fund it, along with existing insurance funds, and it ends automatically unless Congress approves more time .

• Who is affected
  • Businesses, nonprofits, and local governments with payroll and vendor payment accounts; banks and credit unions; anyone with a qualifying non‑interest or very low‑interest checking account during an emergency guarantee .
• What changes
  • Insurance for covered business payment accounts can go up to $100 million per depositor, per institution (final details set by rule). In a crisis, regulators can temporarily guarantee all money in qualifying checking accounts to protect payments like payroll and vendor bills .
• When
  • Data gathering starts within 90 days of enactment; proposed rules are due in 18 months; final rules in 30 months. The new insurance kicks in on the date the final rules are issued. The emergency guarantee can be turned on only during a crisis and lasts up to 6 months, with a possible 3‑month extension .