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Business Interruption Relief Act of 2020

2/9/2022, 2:12 AM

Congressional Summary of HR 7412

Business Interruption Relief Act of 2020

This bill establishes the Business Interruption Relief Program within the Department of the Treasury to provide financial assistance to insurers that voluntarily pay benefits under certain policies for COVID-19 (i.e., coronavirus disease 2019) losses. Specifically, insurers qualify for the program if the insurer has at least one outstanding and existing policy for business interruption coverage that (1) expressly covers losses during a civil authority shutdown as a result of the COVID-19 pandemic, and (2) expressly excludes coverage for a virus. Participation in the program is voluntary.

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Current Status of Bill HR 7412

Bill HR 7412 is currently in the status of Bill Introduced since June 29, 2020. Bill HR 7412 was introduced during Congress 116 and was introduced to the House on June 29, 2020.  Bill HR 7412's most recent activity was Referred to the House Committee on Financial Services. as of June 29, 2020

Bipartisan Support of Bill HR 7412

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 7412

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Cardiovascular and respiratory health
- Disaster relief and insurance
- Economic performance and conditions
- Emergency medical services and trauma care
- Infectious and parasitic diseases
- Insurance industry and regulation
- Public-private cooperation

Alternate Title(s) of Bill HR 7412

Business Interruption Relief Act of 2020
To establish a temporary voluntary program for support of insurers providing business interruption insurance coverage during the COVID-19 pandemic, and for other purposes.
Business Interruption Relief Act of 2020

Comments

Sponsors and Cosponsors of HR 7412

Mike Thompson
Mike Thompson
CaliforniaDemocrat

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