PIA Statement on Senate Passage of COVID-19 Relief Bill
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 U.S. House is scheduled to consider it Friday March 26. President Trump has said he will sign it.
“PIA National is pleased the U.S. Senate unanimously 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.
Notably, the bill includes provisions to help small businesses, including loans for those with 500 employees or less. 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 urges the House to pass the bill,” Becker said. “PIA is continuing to work with Congress on a comprehensive approach to provide additional levels of relief to businesses across the country.”
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.