* RESOURCE CENTER *
⇒ Click HERE for Audio/Video Recording
The Honorable George Nichols III, an accomplished insurance executive & regulator and president of The American College, joined us for a June 18 town hall webinar and shared his views on how insurance—life insurance in particular—can be part of a sustainable solution to economic imbalance. Learn more HERE.
COVID-19 MESSAGE – UPDATED
To Our Members:
The President has signed an extension to the Paycheck Protection Program (PPP) that now gives entities until Saturday, August 8 to apply for the potentially forgivable PPP loans. Following exceptional demand when the program was rolled out in March, the federal government subsequently injected an additional $350 billion dollars into the (PPP), as well as another $60 billion into an Economic Injury Disaster Loan (EIDL) program—two lifelines for small businesses during the coronavirus pandemic—and money remains available in the PPP program.
The federal CARES Act created the PPP and EIDL funding to quickly help small businesses cover immediate needs and longer-term obligations, including payroll for their employees. Materials on the programs—including a PPP application form and guidance from the U.S. Treasury Department, among other helpful documents—are available on the COVID-19 Resource Center page of this web site, in the “Insurance Industry Resources” section.
Also available there is an application/calculation form (effective as of May 15) that PPP borrowers must use if they want their PPP loan forgiven, based on what expenses the borrower used the PPP money for.
THIS IS WORTH YOUR TIME AND ATTENTION. WE KNOW OF NUMEROUS AGENCIES THAT HAVE SUCCESSFULLY APPLIED FOR THE PPP PROGRAM.
NAIFA-NYS is the only organization exclusively representing life insurance agents & financial advisors in NYS – encouraging a strong marketplace, enhanced business & professional skills, and ethical conduct.
Online Trading App May Be Helping to Prop Up the Stock Market, Inflate Prices
Robinhood, an online trading app whose popularity has soared during the pandemic, is designed for inexperienced investors. But some experts say Robinhood traders are driving prices above what they’re really worth, and that may be contributing to a market bubble just waiting to happen.
Pressure Grows to Automatically Forgive PPP Loans under $150K, but Fraud & Liability Are Concerns
A willingness to automatically forgive $150K and under Paycheck Protection Program (PPP) loans is growing, with broad support, but critics are deeply concerned about fraud and bank immunity provisions.
Congress May Add Retirement Legislation
to Next Pandemic Relief Bill
With the economy worsening, federal lawmakers are thinking of adding another retirement reform bill to the next pandemic relief legislation, but the upcoming elections make future initiatives, particularly on the regulatory front, uncertain.
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