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Pandemic Risk Insurance Act Introduced

Friday, May 29, 2020   (0 Comments)
Posted by: Sheri Ryan
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Dear ASAE Members and Advocates:

We have two important legislative updates.

Pandemic Risk Insurance Act of 2020

Yesterday, Congresswoman Carolyn B. Maloney (D-NY) introduced the Pandemic Risk Insurance Act of 2020 (H.R. 7011), which would establish a system of shared public and private compensation for business interruption losses and event cancellations resulting from future pandemics or public health emergencies. ASAE has called for such a proposal since its March 19 appeal to Congress and played a major role to ensure that H.R. 7011 would support associations – particularly through event cancellation coverage. If enacted, associations and others would have access to this insurance beginning on January 1, 2021.

ASAE supports H.R. 7011 and continues to build support in Congress, as expressed in Congresswoman Maloney’s press release:

“The Pandemic Risk Insurance Act offers a critical solution for associations and others devastated by event cancellations, slashed reserves and sharp membership declines amid COVID-19,” said Susan Robertson, CAE, American Society of Association Executives President and CEO. “ASAE thanks and applauds Congresswoman Maloney for introducing this important bill, which will no doubt help provide America’s 62,000 associations the security they need to fully reignite our community’s far-reaching economic impact through industry-focused conferences, workforce development and educational programming, among other critical services.”

We will prepare a call to action for our members in the near future, but if you would like to support this bill in the meantime, please contact ASAE public policy staff.

Paycheck Protection Flexibility Act 

The House voted 417-1 today to pass legislation that will make urgently needed changes to the Paycheck Protection Program (PPP), created to assist small businesses struggling during the ongoing COVID-19 pandemic.

The Paycheck Protection Flexibility Act (H.R. 6886), introduced last week by Congressmen Chip Roy (R-TX) and Dean Phillips (D-MN), is designed to make PPP loans more accessible by making its terms of use more flexible. Importantly, the bill does not expand eligibility for the PPP to include all 501(c) associations as the House-passed HEROES Act does.

As previously reported, Senators Marco Rubio (R-FL) and Ben Cardin (D-MD), respective Chairman and Ranking Member of the Senate Small Business Committee, introduced their own PPP reform bill last week (S. 3833) that would give businesses up to 16 weeks to use the loans instead of eight weeks, among other changes. Like Paycheck Protection Flexibility Act, S. 3833 does not expand the PPP eligibility to include all 501(c) associations.

The Senate has indicated it will likely vote next week on S. 3833. Following that, a compromise bill will have to be negotiated between the House and Senate before a final vote. ASAE has been advocating to expand association access to the PPP in the Senate legislation or in a negotiated larger COVID-19 relief package. We will continue to push for this expansion in the coming days with our champions in both chambers of Congress.

Thank you for your support. For more information, visit ASAE’s Coronavirus Advocacy and Resources page

For questions or to sign up for Inroads, ASAE’s weekly policy newsletter, email publicpolicy@asaecenter.orgFollow ASAE Public Policy on Twitter @Power_of_A.

Sincerely,

Mary Kate Cunningham, CAE
Vice President of Public Policy


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