On the Hill

As negotiations on this relief package continue in the coming weeks, the Big “I” will provide updates on important developments.

The Big “I” was successful in securing a full exemption for independent insurance agents and brokers to the “FY21 National Defense Authorization Act,” which was passed by the House.

With Congress expected to consider another COVID-19 relief package in the coming weeks, the Big “I” sent a letter urging an expansion of the Paycheck Protection Program to include 501(c)(6) nonprofit associations.

The “Small Business Comeback Act” would create the Small Business Recovery Fund to provide federal grants for operational expenses to help businesses reopen and stay open during the COVID-19 pandemic.

The Big “I” joined a number of organizations in sending a letter to legislators urging support for “The Paycheck Protection Program Small Business Forgiveness Act.”

The bill would create a new federal program to encourage insurance companies to pay out business interruption claims on policies that explicitly exclude viral pandemics.

This week, the U.S. Senate and the House of Representatives extended the Paycheck Protection Program to August 8 just before it was set to expire.

This week, the Department of Labor (DOL) proposed a new exemption for investment advice fiduciaries that allows financial advisers to collect commissions and other compensation when offering retirement advice.

The comments addressed the Federal Reserve Board’s request for public feedback on a proposal to expand the Main Street Lending Program to provide access to credit for nonprofit organizations.

Watch the video from Bob Rusbuldt, Big “I” president & CEO, and Jon Jensen, Big “I” chairman, that provides updates on the Trusted Choice® COVID-19 Relief Fund.