Employee Paycheck and Small Business Protection Act

This bill creates expanded insurance coverage for business payment accounts at banks and credit unions, fully insuring deposits in "covered transaction accounts" (non-interest bearing or low-interest accounts used predominantly for business transactions like payroll and vendor payments) up to $100 million per depositor per institution. It also establishes a Temporary Transaction Account Guarantee Program that would fully insure certain deposits for up to 270 days during financial crises, requiring approval from multiple federal agencies and Congress. The FDIC and NCUA must collect data and issue rules within specific timeframes to implement these programs. This policy directly affects businesses, nonprofits, and municipalities that maintain these types of accounts.