⇒ 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 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.
PAYCHECK PROTECTION PROGRAM (PPP)
To Our Members:
A critical and popular lifeline to help small businesses and their employees survive the COVID-19 pandemic—the Paycheck Protection Program (PPP)—expired on Saturday, August 8, and despite broad bipartisan support for extending and refining the PPP, its fate was left in doubt when negotiations over a new pandemic relief bill collapsed. Entities that already received PPP loans, however, can continue to apply for loan forgiveness if they used the funding largely to cover payroll and similar expenses.
An application/calculation form is available for PPP borrowers to use if they want their loans forgiven. In general, loan recipients have 24 weeks within which to use their PPP funds, and they have 10 months after that to apply for the maximum amount of loan forgiveness for which they qualify. Please note that proposals in Congress to extend the PPP would, among other potential changes, automatically waive all PPP loans of up to $150,000 and significantly streamline the loan forgiveness application.
Additional information regarding PPP assistance—including guidance from the U.S. Treasury Department—is available on the COVID-19 Resource Center page of this web site, in the “Insurance Industry Resources” section. Congress created the $600 billion Paycheck Protection Program in March, as part of the wide-ranging CARES Act pandemic relief bill, and later injected an additional $350 billion into the program as a result of exceptional demand.
The CARES Act also created a $60 billion Economic Injury Disaster Loan (EIDL) program to provide pandemic-related assistance to nonprofits and other entities that may not qualify for PPP funding. EIDL information also is available on the COVID-19 Resource Center page.
We will keep you updated on developments.
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 News from the Official NAIFA-NYS Magazine:
Future of Next COVID-19 Relief Bill May Lie with Leg. to Prevent a Gov’t Shutdown
Prospects for the next coronavirus relief bill may rest with legislation to prevent a gov’t shutdown one month before Election Day. Relief bill negotiations have gone nowhere, as partisan bickering prevents money from going to the unemployed, small businesses, healthcare facilities, schools, local governments, and other entities.
Derailed by Congress, the Fate of the Paycheck Protection Program (PPP) Is Unclear
When debate over a new pandemic relief bill collapsed, the PPP was among the victims. Bipartisan proposals for renewing/refining it would automatically forgive all loans of up to $150K and make applying for forgiveness easier, among other changes. Still, for now, doors have closed on new PPP funding.
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.
* Read all LifeNY online news HERE *
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