Maloney drafting pandemic insurance bill as COVID-19 shows gap Rep. Carolyn B. Maloney, a senior member of the House Financial Services Committee and a former chairwoman of one of its subcommittees, is preparing to introduce legislation that would establish an insurance program to provide coverage during future outbreaks, closing a gap in current policies that exclude events like the COVID-19 pandemic. Read more... White House considers more coronavirus aid as jobs picture worsens WASHINGTON (Reuters) - The White House has begun informal talks with Republicans and Democrats in Congress about what to include in another round of coronavirus relief legislation, officials said on Sunday, while predicting further U.S. jobs losses in the coming months. Read more... SBA to Make Economic Injury Disaster Loans Available to U.S. Agricultural Businesses Impacted by COVID-19 Pandemic WASHINGTON – U.S. Small Business Administration Administrator Jovita Carranza announced today that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. SBA’s EIDL portal will reopen today as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, signed into law by the President one week ago, provided additional funding for farmers and ranchers and certain other agricultural businesses affected by the Coronavirus (COVID-19) pandemic. Read more... USDA Announces Coronavirus Food Assistance Program (Washington, D.C., April 17, 2020) – U.S. Secretary of Agriculture Sonny Perdue today announced the Coronavirus Food Assistance Program (CFAP). This new U.S. Department of Agriculture (USDA) program will take several actions to assist farmers, ranchers, and consumers in response to the COVID-19 national emergency. President Trump directed USDA to craft this $19 billion immediate relief program to provide critical support to our farmers and ranchers, maintain the integrity of our food supply chain, and ensure every American continues to receive and have access to the food they need. Read more... The US reopening is coming, but ‘normal’ is still a ways off NEW YORK (AP) — Everyone wants to know: When, oh when, will it go back to normal? As some governors across the United States begin to ease restrictions imposed to stop the spread of the coronavirus, hopes are soaring that life as Americans knew it might be returning. But plans emerging in many states indicate that “normal” is still a long way off. Read more... Trump's $19 billion relief package for farms hurt by coronavirus includes payments for farmers WASHINGTON – President Donald Trump announced a new $19 billion relief package on Friday to assist American farmers who have been financially hurt by the coronavirus outbreak. Read more... Lawmakers struggle to reach deal on new COVID relief package President Trump and congressional leaders are struggling to ink a deal Monday that would restart a stalled emergency small-business lending program that ran out of money last week. Read more... Trump, Congress near deal on small business, hospital aid WASHINGTON (AP) — The Trump administration and Congress expect an agreement Monday on an aid package of up to $450 billion to boost a small-business loan program that has run out of money and add funds for hospitals and COVID-19 testing. Read more... Trump gives governors options on how to reopen the economy WASHINGTON (AP) — President Donald Trump has given governors a road map for recovering from the economic pain of the coronavirus pandemic, laying out “a phased and deliberate approach” to restoring normal activity in places that have strong testing and are seeing a decrease in COVID-19 cases. Read more... U.S. Midwest governors to coordinate reopening economies battered by coronavirus DETROIT (Reuters) - Governors of seven U.S. mostly Midwestern states on Thursday said they will work in close coordination to reopen their economies battered by efforts to contain the coronavirus, echoing similar moves made by 10 governors in states on the East and West coasts this week. Read more... Rep. Ron Kind introduces Family Farm Rescue Plan Eau Claire (WQOW) - Rep. Ron Kind (D - Wisconsin) has proposed a plan to the US Department of Agriculture to assist Wisconsin family farms during this pandemic, while also helping families in need put food on their tables. Read more... Democrats plan legislation to force insurance companies to pay out for pandemic losses House Democrats are planning legislation to force insurance companies to cover business interruption losses generated by the pandemic, an effort to have the federal government settle a roiling debate in favor of companies over insurers. Read more... Trump administration to unveil $15.5 bln first phase of coronavirus farm aid - sources CHICAGO, April 13 (Reuters) - The U.S. Department of Agriculture will spend up to $15.5 billion in the initial phase of its plan to bolster the nation’s food supply chain against the impacts of the coronavirus outbreak, according to three sources familiar with the matter. Read more... USDA Addresses Milk Dumping, Authorizes Other Flexibilities To Help Producers Amid Coronavirus Pandemic WASHINGTON, April 10, 2020 – USDA’s Risk Management Agency (RMA) is ensuring that milk producers are not inappropriately penalized if their milk must be dumped because of recent market disruptions caused by the coronavirus pandemic. In addition, RMA is extending inspection deadlines, waiving inspection requirements and authorizing more crop insurance transactions over the phone and electronically to help producers during the crisis. Read more... USDA Adds Additional Flexibilities for Crop Insurance to Support America’s Farmers and Ranchers WASHINGTON, April 3, 2020 – USDA’s Risk Management Agency (RMA) is authorizing self-certification on replant inspections and waiving witness signatures in certain situations as part of a broader suite of flexibilities to support producers during the coronavirus pandemic. Specifically, Approved Insurance Providers (AIPs) may allow the use of self-certification replant inspections for certain crops with 100 gross acres (before considering share) per unit in lieu of 50 acres, and they may waive the witness signature requirement for approval of Assignment of Indemnity through July 15, 2020, for applicable crop years. Read more... USDA Adds Flexibilities for Crop Insurance to Support America’s Farmers and Ranchers RMA Offering Remote Assistance and Authorizing Additional Flexibility for Producers WASHINGTON, D.C., March 27, 2020 – USDA’s Risk Management Agency (RMA) is authorizing additional flexibilities due to coronavirus while continuing to support producers, working through Approved Insurance Providers (AIPs) to deliver services, including processing policies, claims and agreements. These flexibilities include: enabling producers to send notifications and reports electronically, extending the date for production reports and providing additional time and deferring interest on premium and other payments. Read more... USDA Stands Up New Team to Better Serve Beginning Farmers and Ranchers WASHINGTON, March 16, 2020 ─The U.S. Department of Agriculture (USDA) is standing up a new team of U.S. Department of Agriculture (USDA) staff that will lead a department-wide effort focused on serving beginning farmers and ranchers. Read more... USDA is Working to Reduce Insurance Rates for Farmers Impacted by 2019 Breached Levees WASHINGTON, D.C., March 12, 2020 — USDA’s Risk Management Agency (RMA) reminds farmers in areas where levees breached in 2019 to review the impact those breaches may have on premium rates when considering crop insurance policy options for 2020. The deadline (Sales Closing Date) to update crop insurance policies or apply for coverage is March 16 for spring crops. Read more... U.S. Orders Up to a Yearlong Break on Mortgage Payments Homeowners who have lost income or their jobs because of the coronavirus outbreak are getting some relief. Depending on their situation, they should be eligible to have their mortgage payments reduced or suspended for up to 12 months. Read more... Congressional Letter to Insurance Industry Trade Association Executives Over a dozen U.S. House members sent a letter to the executives of four of the largest national insurance trade associations:
The letter asks the executives to convince their members to ignore existing exclusions within their policies and extend coverage for losses incurred due to the coronavirus COVID-19 pandemic. You can read the contents of the letter here. Pandemic Risk Insurance Act (PRIA) Proposed On Wednesday, March 18th, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee released plans for a legislative package designed to provide a comprehensive fiscal stimulus and public policy response to the Coronavirus COVID-19 pandemic. Included in the package is a proposal to create a pandemic version of the Terrorism Risk Insurance Act (TRIA). PRIA would create a federally backed risk insurance pool to address coverage gaps commonly found in business interruption and event cancellation policies. These policies typically include exclusions for viruses, communicable diseases, quarantines, government-ordered repatriation, border closings, etc. IRS Issues Guidance on a 90-Day Extension for Tax Payments On Tuesday, March 17, Treasury Secretary Mnuchin announced a 90-day extension for making tax payments (not for filing tax returns), in response to the coronavirus outbreak (COVID-19). Very few details were given with the announcement, which left many questions unanswered. The IRS acted quickly and released Notice 2020-17 on Wednesday, March 18, providing guidance on the 90-day extension. Read more... |
