PIA National today came out strongly against two separate bills introduced by Reps. Mike Thompson (D-CA) and Brian Fitzpatrick (R-PA); each would empower the federal government to rewrite existing business interruption (BI) insurance provisions drafted with otherwise applicable exclusions.
PIA National has communicated with Congressional offices to express our concerns that such proposals purport to quickly provide assistance to businesses in need, but in reality, such a response would not help all businesses; in fact, only one in three small businesses even has business interruption coverage. As such, only a small percentage of businesses would benefit in any way from it, and thousands of small businessowners would be left struggling. PIA National is now working closely with Congressional allies to advocate against the BI legislation introduced this week.
PIA National has been advocating for the COVID-19 Business and Employee Continuity and Recovery Fund (Recovery Fund). This Recovery Fund proposal offers a solution to the current crisis facing all small businesses and their employees, without rewriting insurance contracts and without depriving about two-thirds of all small businesses of help. We will continue to oppose proposals like those introduced this week and instead advocate in favor of the Recovery Fund to be included in the next coronavirus package.