Measures on small business loans, payroll taxes, and retirement accounts to provide relief to financial professionals and their clients.
Congress has passed the CARES Act, a $2 trillion economic stimulus and relief package designed to bolster Americans and the U.S. economy currently racked by the COVID-19 outbreak. The bill now goes to the White House, where President Trump is expected to sign it.
“NAIFA has advocated for measures to help small business owners and American workers weather the devastating financial impact of the COVID-19 pandemic, and we are pleased to see many of the provisions we promoted included in the CARES Act,” said NAIFA CEO Kevin Mayeux. “Small business loans to cover short-term payroll and other expenses, which could be forgiven at a future date; payroll tax exemptions; and relief from retirement-account withdrawal requirements and early withdrawal penalties have been at the top of NAIFA’s advocacy agenda and will be crucial to many NAIFA members and their Main Street USA clients. We are very pleased to see these provisions included in the final bill.”
NAIFA sent a preliminary summary of the legislation and how it affects NAIFA members in a GovTalk email to NAIFA members and advocacy partners.
Congressional leaders have indicated they will now turn their attention to additional legislation designed to provide relief from the COVID-19 outbreak. NAIFA’s advocacy team and grassroots army will continue to work on behalf of NAIFA members to ensure the interests of agents and advisors and consumers who rely on them for financial security are reflected in those efforts.
NAIFA is dedicated to providing members, policymakers, and consumers with up-to-date and trusted resources on the COVID-19 outbreak. Despite the impact of the pandemic, NAIFA advocacy continues to fulfill its mission of working with legislators and regulators in Washington, D.C., and every state capital on behalf of agents and advisors and their clients.
We have designated the week of May 18-22 "NAIFA Nation Impact Week." Each day during the week, NAIFA will host online events featuring advocacy training, presentations by policy experts, and messages from elected officials. Details are forthcoming on NAIFA.org and the Advocacy in Action blog.