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H.R. 4551, the Employee Paycheck and Small Business Protection Act, expands federal deposit insurance protections for small businesses and payroll accounts by creating a new insurance program covering up to $100 million per business transaction account at banks and credit unions, separate from the standard $250,000 limit. The bill also establishes a Temporary Transaction Account Guarantee Program that allows federal regulators to fully insure low-interest checking accounts for up to 180 days during financial crises, with possible extension for an additional 90 days if Congress approves. The Federal Deposit Insurance Corporation and National Credit Union Administration must analyze data and issue proposed rules within 18 months to set eligibility requirements and insurance levels, while any emergency guarantee program requires approval from the Federal Reserve and Treasury Secretary and includes mandatory congressional reporting and Government Accountability Office oversight within 90 days. This legislation primarily affects small businesses and sole proprietors who maintain operating accounts for payroll and vendor payments, aiming to protect their access to banking services during both normal operations and times of financial instability.

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