Long Beach Area Chamber Urges Congress to Provide Further Funding for COVID-19 Aid Package
The Long Beach Area Chamber of Commerce urged Congress to include additional emergency support in the next coronavirus aid package for 501(c)(6) organizations, such as trade and professional associations. This was request was to mitigate the financial impact of the crisis for all business organizations. The Chamber request $25 billion in aid for these associations that face financial losses from canceled conferences and events; eligibility for associations to access small business interruption loans that prevent layoffs and continue to pay employees; a pandemic risk insurance program to create a federal backstop for prospective claims related to pandemic or epidemic.
Section 501(c) organizations play an important role in training America’s workforce, creating industry and professional standards, and disseminating essential information and resources to people in need, particularly during times of crisis. Associations and Section 501(c) organizations are already needed to help coordinate federal resources, and they require staff to fulfill this duty. Without support, however, and due to unprecedented financial loss from event cancellations, associations will be unable to meet this critical obligation.
To ensure all Section 501(c) organizations were included in crucial stimulus funding to combat COVID-19, The Long Beach Area Chamber requested:
1. $25 billion in emergency assistance to trade and professional associations;
2. Inclusion of 501(c)(6) organizations in the Paycheck Protection Program or similar Small Business Administration loan expansions; and
3. Creation a pandemic risk insurance program with a federal backstop for prospective insurance claims related to a pandemic or epidemic.