Members of the U.S. House of Representatives have issued two new letters joining the chorus of opposition to retroactive business interruption coverage for COVID-19 claims.
The bipartisan legislation would allow 501(c)(6) organizations to access loans through the Paycheck Protection Program and already has 40 bipartisan cosponsors.
The insurance measure was removed from an omnibus COVID-19 response bill after concerns were expressed about the legality of the draft and the adverse implications it would have, as well as the massive costs it would impose on the local insurance market.
Since the CARES Act was enacted, the Treasury Department and the Small Business Administration have continued to update their guidance regarding the Paycheck Protection Program.
The Big “I” Virtual Legislative Conference: Big “I” in Action will take place May 12-15.
A bipartisan letter called for 501(c)(6) organizations, such as trade associations, to be able to access loans through the Paycheck Protection Program.
As of press time, the U.S. House of Representatives is expected to pass further COVID-19 relief legislation later today.
Following President Trump’s remarks two weeks ago, there is growing congressional focus on business interruption insurance and whether it covers claims from COVID-19.
This week, two separate business interruption bills were introduced in the U.S. House of Representatives.
As of this morning, the Paycheck Protection Program had officially exhausted the $350 billion made available through the CARES Act.
