PIA Statement on House Passage of COVID-19 Relief Bill

PIA Statement on House Passage of COVID-19 Relief Bill

The U.S. House of Representatives has passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, by a voice vote. The Senate passed it on March 25. This bill is the third COVID-19-related bill that Congress has passed, and others may follow. President Trump signed it.

PIA Statement:

“PIA National is pleased the U.S. House approved the $2 trillion emergency relief package, which is intended to provide urgently needed aid to several sectors of the economy,” said PIA National executive vice president & CEO Mike Becker. “Both chambers moved relatively quickly on this legislation, a necessity during this difficult time for businesses.”

PIA is particularly supportive of provisions in the legislation to help small businesses, including loans for those with 500 or fewer employees. These loans may be converted to grants and partially forgiven if recipient businesses maintain the average size of their full-time workforce. With small businesses across the nation struggling due to the coronavirus, It is more important than ever to financially support them.

The bill also includes a 50 percent refundable payroll tax credit on employee wages, and a delay in employer-side payroll taxes for Social Security until 2021 and 2022. It also makes some sole proprietors and other self-employed workers eligible for the expanded unemployment insurance benefits included in the legislation.

“PIA National has already been actively developing legislative solutions for the next potential COVID-19 package to ensure small businesses are able to stay viable in these unprecedented times,” Becker said.

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance but specialize in coverage of automobiles, homes and businesses. PIA’s web address is www.pianet.com.