Federal And State Government Updates

The Latest AALU/GAMA Policy Analysis

Stimulus Bill Analysis
Congress is circling in on passage of a third significant legislative package in the wake of the COVID-19 outbreak, designed to stimulate the U.S. economy, provide aid to struggling American workers, and shore up distressed businesses. Read a brief overview from our public policy team on the major parameters of these three initiatives here.

Small Business Loan Information
As part of the “Phase One” package of aid signed into law on March 6, 2020, the Small Business Administration (SBA) will provide an estimated $7 billion in low-interest disaster loans to small businesses and non-profit organizations that have been impacted by financial losses due to the coronavirus outbreak. Learn more about this program and how to access these loans for yourself or your clients in need in this policy brief.

Family and Medical Leave Analysis
“Phase Two” of the federal stimulus, enacted on March 18, 2020, includes a requirement on employers to provide paid sick leave and partially paid family and medical leave to employees. Click here for details on whether and how those requirements could work for you personally or for those you serve – and how to access those tax credits.

Individual Relief Information
The federal government has taken a host of actions to provide relief to people affected by the health and economic effects of COVID-19. This memo provides a guide for you, your staff, and your clients to access this help.

The Latest Actionable Tools

PDF: I Got My PPP Loan. Now What?
Read Here

PDF:COVID-19 and Presidential Polling
Read Here

PDF: FAQ about the PPP and How do I Calculate my Loan Amount? 
Read Here

PDF: Advocating During COVID-19
Read Here

PDF:A Guide to the SBA Loans for Statutory W2 Employees & Independent Contractors
Read Here

PDF: Navigating The COVID-19 Pandemic: How To Deliver Value For Clients
Read Here

PDF: Which COVID Loans or Tax Credits Are Right For My Business?
Read Here

PDF: Which Small Business COVID-19 Programs Can I Combine?
Read Here

VIDEO: The Paycheck Protection Program
Watch  Here

PDF: COVID Help for Individuals
What You, Your Family, and Friends Need to Know
Read Here

PDF: COVID Small Business Loans
What Employers Need to Know
Read Here

PDF: COVID Small Business Loans Questions
Answers for Business Owners
Read Here

PDF: Sick Leave for COVID
What Small Business Employers Need to Know
Read Here

PDF: Sick Leave for COVID Employees
What Employees of Small Businesses Need to Know
Read Here

PDF: Sick Leave for COVID Questions
Answers for Small Business Employers
Read Here


Client Conversations

Things to Discuss With Your Clients
Underwriting in a Socially Distant World Webinar Follow-Up
Read here


News and Updates

This content does not reflect the opinion of AALU & GAMA, our members, or our partners. The articles are curated from outside news sources and are intended for daily news updates on industry and policy matters.

Updated April 2020

April 9
Bloomberg Tax: IRS Closures, Service Cutbacks Turn Tax Queries into a Struggle | Read here
The Wall Street Journal:
Fed Expands Corporate-Debt Backstops, Unveils New Programs to Aid States, Cities and Small Businesses | Read here
InsuranceNewsNet:
Fed Eases Limit on Wells Fargo To Make More Small Biz Loans | Read here
ThinkAdvisor:
3 New Coronavirus Tax Benefits for Businesses | Read here
Tax Foundation:
These States Could Tax Your Recovery Rebates | Read here
USA Today:
Americans Could Start Receiving Stimulus Checks Starting on April 9 | Read here

April 8
The Wall Street Journal: Government and Businesses Turn Attention to Eventual Reopening of $22 Trillion U.S. Economy | Read here
HuffPost:
Paycheck Protection Program Already Needs More Money, Republicans Say | Read here
The Wall Street Journal: SBA Under Fire for Failing to Get Aid to Struggling Small Businesses | Read here
ThinkAdvisor:
McConnell Pushes for Thursday Vote to Boost Small-Business Loan Funding | Read here
Wealth Management:
Industry Groups Urge Congress to Restore Financial Advice Deduction | Read here
InvestmentNews:
Brokers Try to Figure Out What ‘Good Faith Efforts’ Means for Reg BI implementation | Read here

April 6
The Hill:
Trump Officials Report Billions in Small Business Loans on First Day of Program | Read here
POLITICO: Consensus Starts to Grow On ‘Phase 4’ Coronavirus Relief | Read here
The Wall Street Journal: This Coronavirus Tax Policy Idea Wasn’t on the Table. Then Famous Chefs Called the President. | Read here
Roll Call:
Democrats Face ‘SALT’ Challenge in Next Phase of Coronavirus Relief | Read here
NPR:
Fed Goes All Out to Keep Economy Alive During Coronavirus Shutdown | Read here
401K Specialist:
Senator Presses DOL’s Rutledge on ERISA Filing Deadlines | Read here

April 3
ThinkAdvisor:
SEC Won’t Extend Reg BI, Form CRS Compliance Date | Read here
The New York Times:
Trump Administration Scales Back Paid Leave in Coronavirus Relief Law | Read here
The Wall Street Journal: The Rush for $350 Billion in Small-Business Loans Starts Friday. Banks Have Questions. | Read here
InsuranceNewsNet: COVID-19 Rocks U.S. Economy; 10M Americans Lose Jobs In Two Weeks | Read here
PlanSponsor:
Administrative Considerations for CARES Act Transactions | Read here
CNBC: Employers May Drop 401(k) Matches as Companies Look to Cut Expenses | Read here
CNBC: Larry Fink Says Economy Will Recover From Coronavirus, ‘Tremendous Opportunities’ In Markets | Read here

April 2
InsuranceNewsNet:
Industry Groups Urge States to Temporarily Ease Licensing Requirements | Read here
POLITICO Playbook: Trump Confronts a Dire Forecast He Can’t Spin Away | Read here
ThinkAdvisor:
Treasury’s Mnuchin Vows to Boost Small-Business Loan Pool Under CARES Act | Read here
The Hill: Trump Calls on Congress to Restore Tax Deductions for Business Meals, Entertainment | Read here
ThinkAdvisor: Do NOT Sell Life Insurance in Person: Pennsylvania | Read here
Financial Advisor:
More States Mandating Forgiveness on Life Insurance Premiums | Read here
Pensions&Investments:
Coronavirus-Related Market Sell-Offs to Hit Leveraged Managers Hardest | Read here
The Wall Street Journal:
Social Security Recipients Won’t Need to File Tax Returns for Coronavirus Stimulus Payment | Read here

April 1
ThinkAdvisor: What Life and Health Players Still Want Out of Congress | Read here
BenefitsPro: How 7 Industry Leaders Are Reacting to Coronavirus Stimulus Package | Read here
The Hill: Treasury, SBA Provide Information on New Small-Business Loan Program | Read here
Reuters: U.S. Small Businesses Wait Impatiently for Government Aid That Could Be Slow to Come | Read here
Forbes:
3 Ways The COVID-19 Stimulus Law May Help Your Financial Problems | Read here
Wealth Management:
New York State Follows IRS, Extends Tax Deadlines | Read here
Financial Planning:
On Notice: What SEC Examiners Expect from Advisors Despite Pandemic | Read here

March 31
Life Annuity Specialist: Insurers Dump Exams, Boost Outreach as Agents Go Virtual | Read here
PlanSponsor: Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans | Read here
InsuranceNewsNet: New York Requires Insurers to Delay Collecting Premium | Read here
Forbes: Door May Be Closing On Life Insurance Buyers Amid COVID-19 | Read here
Yahoo Finance: MIB Group, Inc. Names Brian Winikoff as President and CEO, Succeeding Lee B. Oliphant | Read here
ThinkAdvisor: COVID-19 Deaths May Not Do Much to Life Insurers’ Earnings: Securities Analyst | Read here
InsuranceNewsNet: Life Insurance Offers Clients Protection in Tough Times | Read here

March 30
The Wall Street Journal: America’s Make-or-Break Week | Read here
Journal of Accountancy:
Gift and GST Returns Added to Postponed Tax and Filing Deadlines | Read here
WealthManagement:
Struggling Americans Can Tap 401Ks With Coronavirus Bill | Read here
MarketWatch:
 Coronavirus Stimulus-Package Tax Relief: Withdraw $100K from your IRA — and Repay in 3 years with Zero Tax Liability | Read here
POLITICO:
The Mega-Bailout Leaves 4 Mega-Questions | Read here


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