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

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

Senate Passes More Funding for CARES Act Small Business Programs

Today, by voice vote, the U.S. Senate passed legislation to provide over $300 billion more for the Paycheck Protection Program (PPP), which was created by the CARES Act. Last week, PIA National worked with a broad cross-section of business and insurance groups to send a letter to Congressional leadership requesting more funding for the PPP, …

Continue reading Senate Passes More Funding for CARES Act Small Business Programs

Senators Caution Against Retroactive Business Interruption

As part of PIA National’s advocacy work on legislation related to the coronavirus, we have worked with a group of senators on a letter that was sent to the White House today, asking the administration to reject any proposal in upcoming coronavirus legislation that would undermine existing insurance practices, namely the retroactive finding of business …

Continue reading Senators Caution Against Retroactive Business Interruption

COVID-19 Emergency Relief Package Passes Senate

Late on March 25, the U.S. Senate passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, by a vote of 96-0. This bill is the third COVID-19-related bill that Congress has passed, and others are likely to follow. The Senate unanimously approved the $2 trillion emergency package, which is intended to provide urgently …

Continue reading COVID-19 Emergency Relief Package Passes Senate