Partnership Supports Federal Pandemic Insurance Program, Skills Renewal Act
IRWINDALE - This week the San Gabriel Valley Economic Partnership's Legislative Action Committee met and voted to support two significant pieces of federal legislation, the Pandemic Risk Insurance Act of 2020 (PRIA) and the Skills Renewal Act. Both are important parts of encouraging economic recovery in the ongoing coronavirus pandemic.
"Health and safety precautions are obviously a top priority during this pandemic," said Partnership President and CEO Bill Manis. "But so, too, is economic recovery. We want people back in jobs, able to earn good salaries, and that means our lawmakers need to proactively support job creators and employers right now."
The Pandemic Risk Insurance Act of 2020 (H.R. 7011) creates a voluntary program with insurance companies to offer business interruption policies that cover pandemics, with the federal government acting as a backstop on losses. A similar program was created following the terrorist attacks of September 11th, 2001, to aid businesses whose operations had been halted or seriously hampered by acts of terrorism. By acting as a backstop on insurance losses, it would share the burden with the private insurance industry and maintain market stability.
The Skills Renewal Act (H.R. 7032 / S. 3779) creates a flexible, refundable tax credit of up to $4,000 per taxable year for expenses paid as part of a skills training or education program such as apprenticeships, stackable credentials, certificate programs, and traditional two- and four-year degree programs. This bill has strong bipartisan support in both chambers of Congress and may help millions of Americans to retrain themselves to be more competitive as workers.
For more information about these bills, contact Brad Jensen, Director of Public Policy at the Partnership. firstname.lastname@example.org