Advocacy in action blog

The House has passed the updated HEROES Act by a vote of 214 to 207. The partisan bill is not expected to be considered by the Senate. 

November is just two months away and with it comes two things: First, the relief that of knowing that 2020 is moving into the rearview mirror. The second, and perhaps most important, is Election Day and the checklist of things we have to do before we can cast our ballots.  

On Sunday, March 29th, President Donald Trump extended his coronavirus guidelines for America, announcing 30 Days to Slow the Spread, effectively extending the minimum time for most Americans to remain at home until April 30th.

The trinity of Congressional COVID-19 relief packages acknowledge the importance of small businesses to our economy. The new laws contain numerous provisions to support employers and their workers including small business loans.

On March 26, NAIFA joined industry partners in a letter to Congressional leadership urging support for the inclusion of the Securing and Enabling Commerce Using Remote and Electronic Notarization Act (SECURE Notarization Act), in the legislative package from Congress intended to address the economic fallout from COVID-19. The bipartisan legislation (S. 5355, H.R. 6364) was introduced by Sens. Cramer (R-ND) and Warner (D-VA), and Reps. Reschenthaler (R-PA) and Dean (D-PA).

In light of the disruptions to normal business operations brought about by efforts to curtail the spread of the Coronavirus, the U.S. Securities and Exchange Commission (SEC) is considering a possible delay in the June 30, 2020 implementation/effective date for compliance with the Commission’s new Regulation Best Interest, which establishes a heightened “best interest” standard of care for broker-dealers and their registered representatives. (In a related matter, the SEC has changed the deadline for BD firms to file their Forms ADV from March 30, 2020 to June 30, 2020.) Although no final decision has been made, the topic has been discussed by SEC leadership. NAIFA has submitted a letter to the SEC requesting a reasonable delay in the Reg BI implementation/effective date, which you can review here.

This concise chart provides employers with an easy-to-read summary of the new emergency paid leave requirements signed into law as part of H.R. 6201 by President Trump on March 18, 2020. Additional employer guidance from the Department of Labor can be found in a Fact Sheet for Employers and a Questions and Answers document.

On March 24, the U.S. Department of Labor’s Wage and Hour Division (WHD) announced its first round of published guidance to provide information to employees and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA) when it takes effect on April 1, 2020.

While the volatile stock market remains a concern, there is a recognition that the most acute impact of COVID-19 is being felt on Main Streets around the country. NAIFA continues our work with lawmakers on crisis-related proposals to ensure the interests of NAIFA members and their Main Street clients are considered. Lawmakers are moving quickly on policies to address the coronavirus pandemic. Congress has enacted two legislative packages, and a third legislative response is underway (also see State Capitols Respond to COVID-19).