PIA National has issued an action alert urging Congress to prevent a surprise tax on Paycheck Protection Program (PPP) loan recipients. Included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act was a provision stating that any portion of a PPP loan that qualified for loan forgiveness “shall be excluded from gross income” for …
Continue reading PIA Calls on Congress to Prevent Surprise Tax on PPP Loan Recipients
On October 19, 2020, the U.S. Small Business Administration (SBA) and the Treasury Department issued interim final rules (IFR) revising the process for some businesses to seek Paycheck Protection Program (PPP) loan forgiveness and lender evaluation of loan forgiveness applications submitted in accordance with the new process. These IFR offer additional guidance to further simplify …
Continue reading SBA Simplifies Forgiveness Process for Some PPP Loans
PIA National, along with dozens of allies in the business community, sent a letter November 19 calling on congressional leaders to reform the Paycheck Protection Program (PPP) loan forgiveness process before the end of the year. The letter calls on Congress to pass the Paycheck Protection Program Small Business Forgiveness Act (S. 4117/H.R. 7777), championed …
Continue reading PIA, Allies Call for Congressional Action on PPP Loan Forgiveness
On November 19, the House Financial Services Subcommittee on Housing, Insurance and Community Development held a hearing entitled, “Insuring Against a Pandemic: Challenges and Solutions for Policyholders and Insurers.” This follows a September Congressional Roundtable that PIA National participated in, where we expressed our support for the Pandemic Risk Insurance Act (PRIA), H.R. 7011. In …
Continue reading House Committee Holds Hearing on Insuring for a Pandemic
Kevin Cramer was elected to the U.S. Senate from North Dakota in 2018. Previously, he served as North Dakota’s At-Large Member in the U.S. House. Prior to joining Congress, Sen. Cramer served as a commissioner on the North Dakota Public Service Commission. Sen. Cramer received a BA from Concordia College and a master’s degree in …
Both the U.S. House and Senate are now in recess, which means Congress is increasingly unlikely to pass legislation before the November elections to provide additional relief to individuals or businesses suffering due to COVID-19. At the time of this writing, the House stands in recess until after the elections, and the Senate is in …
Continue reading Congress Recesses Without Passing New COVID Relief
This evening, the U.S. Senate voted to pass a continuing resolution (CR) to fund the federal government through December 11, 2020 by a vote of 84-10. This follows action from the House, which cleared the measure on September 22. In a key win for PIA members, the bill includes an extension of the National Flood Insurance Program (NFIP) until next year, …
Continue reading Senate Approves Bill that Includes NFIP Extension Until Sept. 2021
Throughout the summer, PIA National advocated for legislation to improve the Paycheck Protection Program (PPP) loan forgiveness process. In recent weeks, we have been working with a loose coalition of business groups to urge the passage of bipartisan legislation introduced by Senator Kevin Cramer (R-ND). This afternoon, S. 4117, the Paycheck Protection Small Business Forgiveness Act, was brought to the …
Continue reading PPP Loan Forgiveness Effort is Stymied in Senate
The U.S. House voted 359-57 tonight to pass the continuing resolution (CR) legislation to fund the federal government to December 11th. As reported earlier today, the bill includes an extension of the National Flood Insurance Program (NFIP) until next year, to September 30th, 2021. The program is set to expire next week on September 30th. The vote on the CR …
Continue reading House Passes Flood Insurance Program Extension to Sept. 2021
The U.S. House of Representatives is expected to consider a continuing resolution (CR) this week to fund the federal government until December 11. A vote could come as soon as today. Authority to fund the federal government runs out on Sept. 30, unless Congress acts. Notable for PIA members is the inclusion in the CR of a short-term …
Continue reading House Bill Would Extend Flood Program Until Sept. 2021
