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
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
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
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
On March 18, the U.S. Senate passed H.R. 6201, the Families First Coronavirus Response Act by a vote of 90-8. The U.S. House passed it on March 16. The president signed it into law the evening of March 18. The legislation would provide for free COVID-19 (commonly referred to as coronavirus) testing, food assistance, and …
With the country collectively bracing for the increasing impact of the COVID-19 (coronavirus) global pandemic, Congress has begun to respond to the crisis. On Tuesday, March 16, the U.S. House passed by unanimous consent a revised version of the Families First Coronavirus Response Act (H.R. 6201) that includes provisions meant to ensure people, including those …
Continue reading Congress Begins to Address COVID-19 Pandemic
PIA National has been working to advance legislation to protect insurance agents from federal prosecution for doing business with cannabis-related enterprises in states in which such businesses are legal. To that end, PIA helped develop the Clarifying Law Around Insurance of Marijuana (CLAIM) Act, which would provide a legal safe harbor for independent agents that engage …
Continue reading PIA Urges Senate Action on Cannabis Safe Harbor Bill
Two days after the House passed a government funding package (H.R. 1865), the Senate followed by a vote of 71-23. The measure includes three of PIA National’s top policy priorities: an extension of the National Flood Insurance Program (NFIP) until September 30, 2020; the permanent repeal of the Cadillac Tax; and an extension of the terrorism …
Continue reading Senate Passes Cadillac Tax Repeal and Flood, TRIA Extensions
Today the U.S. Senate passed H.R. 4378, a short-term continuing resolution (CR) to fund the federal government until November 21 by a vote of 82-15. An extension of the National Flood Insurance Program (NFIP), set to expire September 30, was included in the bill. The House of Representatives already passed the bill earlier in September. The new expiration date …
Continue reading Senate Passes Flood Insurance Program Extension to November
On July 22nd, Senator Bob Menendez (D-NJ) and Senator Rand Paul (R-KY) introduced S. 2201, the Clarifying Law Around Insurance of Marijuana (CLAIM) Act. The CLAIM Act recognizes the need for a comprehensive federal safe harbor for insurers and insurance agents who sell insurance to both cannabis-related legitimate businesses and other commercial and personal lines …
Continue reading Cannabis Safe Harbor Insurance Bill Introduced
