Risk Rating 2.0 Dominates Second Senate Hearing on NFIP Reauthorization

On June 17, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a second hearing on the reauthorization of the National Flood Insurance Program (NFIP). The first hearing was held in May. The hearing featured the testimony of David I. Maurstad, the Deputy Associate Administrator of the Federal Insurance and Mitigation Administration (FIMA), …

Continue reading Risk Rating 2.0 Dominates Second Senate Hearing on NFIP Reauthorization

Employment Status of Independent Agents Threatened

On March 9, the U.S. House passed H.R. 842, the Protecting the Right to Organize (PRO) Act, mostly along party lines, as expected. The PRO Act’s intention is to reform current labor law in a variety of areas. For PIA members, the bill’s most significant provision would amend the National Labor Relations Act (29 U.S.C. …

Continue reading Employment Status of Independent Agents Threatened

Senate Sends PPP Extension to White House

On March 25, by a vote of 92-7, the Senate passed H.R. 1799, the PPP Extension Act of 2021, which would extend the Paycheck Protection Program (PPP) loan application deadline to May 31, 2021. The House previously passed the bill on March 16 by a vote of 415-3. PIA supports this bipartisan legislation and, along …

Continue reading Senate Sends PPP Extension to White House

Democrats Obtain Narrow Majority in Senate

On January 5, Georgia voters participated in two runoff elections to choose their Senators for the 117th Congress. Each state’s Senate seats are classed so that voters typically only elect one of their two Senators in a single election cycle. However, in November 2020, both of Georgia’s Senators, Republicans David Perdue and Kelly Loeffler were …

Continue reading Democrats Obtain Narrow Majority in Senate

Member Spotlight: Kevin Cramer (R-ND)

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 …

Continue reading Member Spotlight: Kevin Cramer (R-ND)

Senate Approves Bill that Includes NFIP Extension Until Sept. 2021

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

PPP Loan Forgiveness Effort is Stymied in Senate

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

Senate Passes Paycheck Protection Program Deadline Extension

On June 30, a few hours before the Paycheck Protection Program (PPP) expired, the U.S. Senate passed by unanimous consent a bill to extend the deadline for businesses to apply for coronavirus PPP aid until August 8th. The program’s authorization to give out money ended June 30 with over $130 billion left unused. The U.S. …

Continue reading Senate Passes Paycheck Protection Program Deadline Extension

Senate Passes Paycheck Protection Flexibility Bill

On June 3, the U.S. Senate passed H.R. 7010, the Paycheck Protection Program Flexibility Act, by unanimous consent. The bill extends the window for businesses to be able to spend the funds loaned under the program. The House passed this bill on May 28th, and the president is expected to sign it into law. The …

Continue reading Senate Passes Paycheck Protection Flexibility Bill

IRS Says Small Business Loans Are Taxable Income

Last week, the Internal Revenue Service (IRS) issued Notice 2020-32, which announced that business expenses that are normally tax deductible but are expected to be forgiven as part of loans provided in accordance with the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, …

Continue reading IRS Says Small Business Loans Are Taxable Income