Employee Paycheck and Small Business Protection Act

This bill establishes expanded insurance coverage for business payment accounts at banks and credit unions. It creates a new category of "covered transaction accounts" that would be fully insured up to $100 million per depositor per institution, specifically for accounts used for payroll, vendor payments, and other regular business transactions. These accounts must be non-interest bearing or pay interest materially below market rates, and the coverage would directly affect businesses, nonprofits, municipalities, and similar organizations. The bill also includes provisions for a temporary program that could provide additional insurance for up to 270 days during financial emergencies to preserve stability. The insurance would apply to business accounts that meet specific transaction and interest rate criteria, without affecting existing standard deposit insurance limits.