Earlier this week, the Big “I” joined a range of business trade associations in sending a letter to the administration and congressional leaders of both parties seeking their support for a new federal proposal to further assist with the nation’s economic recovery. This proposed new relief program would provide liquidity to businesses to maintain their viability and ability to compensate employees.
The COVID-19 Business and Employee Continuity and Recovery Fund (the “Recovery Fund”) is a very streamlined version of the 9/11 Victims Compensation Fund legislation, with important distinctions designed to simplify the application process and speed payment to COVID-19-impaired businesses, while reducing the potential for fraud. It would create another tool the administration could use to provide tailored federal assistance to keep COVID-19-impaired businesses solvent and workers employed.
The Recovery Fund would leverage private sector contractors, and potentially insurers and producers on a voluntary basis, to facilitate both expedited applications and interim payments, as well as auditing ongoing relief. A one-page summary of the Recovery Fund is available.
Over the past couple of weeks, the Big “I” has been working closely with a large coalition of insurance and commercial policyholder trade associations on this concept to deliver additional financial support to U.S. businesses and their workers. The unveiling of the concept on Capitol Hill earlier this week now takes the Big “I” from the drafting stage to the advocacy stage.
We will continue to provide updates in News & Views, but please know that the Big “I” is fully engaged in offering credible and competent national solutions to meet the needs of our members’ clients. Please use this letter and one page summary as you see fit and feel free to share it with your clients to demonstrate our advocacy on their behalf.
Wyatt Stewart is Big “I” senior director of federal government affairs.