Illinois General Assembly - Full Text of SJR0014
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Full Text of SJR0014  102nd General Assembly

SJ0014 102ND GENERAL ASSEMBLY


  

 


 
SJ0014LRB102 14215 ECR 19567 r

1
SENATE JOINT RESOLUTION

 
2    WHEREAS, The ongoing COVID-19 pandemic has already
3resulted in trillions of dollars of long-term economic losses;
4and
 
5    WHEREAS, The Illinoisan business community is suffering
6from hundreds of millions of dollars of economic losses; and
 
7    WHEREAS, Pandemics pose a systemic risk to the insurance
8industry and the overall economy; the business interruption
9loss potential from viral pandemics far exceeds the capital,
10surplus, and premium resources of the private insurance
11industry, making pandemic risks uninsurable in the private
12market alone; and
 
13    WHEREAS, After a lengthy review of the challenges Illinois
14faces with regards to pandemic risk, The Business Interruption
15Insurance Task Force, including representatives from the
16insurance industry, the National Association of Mutual
17Insurance Companies, the American Property Casualty Insurance
18Association, the Illinois Insurance Association, the Illinois
19General Assembly, and the Department of Insurance, has
20developed a variety of recommendations for federal solutions;
21and
 

 

 

SJ0014- 2 -LRB102 14215 ECR 19567 r

1    WHEREAS, The Illinois Congressional Delegation is doing
2incredible work on behalf of Illinois during this difficult
3time; and
 
4    WHEREAS, To address the immediate financial distress of
5businesses, we need another round of economic relief similar
6to the CARES Act to fund the Payment Protection Program and to
7provide additional aid to state governments for distribution
8to small businesses through state grant programs such as the
9Business Interruption Grant Program; and
 
10    WHEREAS, Illinois businesses deserve a viable option for
11pandemic-related revenue replacement when the next pandemic
12strikes, whether it is months or years from now; therefore, be
13it
 
14    RESOLVED, BY THE SENATE OF THE ONE HUNDRED SECOND GENERAL
15ASSEMBLY OF THE STATE OF ILLINOIS, THE HOUSE OF
16REPRESENTATIVES CONCURRING HEREIN, that it is in the best
17interest of Illinoisans that our congressional delegation act
18swiftly to support the passage and implementation of another
19round of economic relief to fund the Payment Protection
20Program and to provide additional aid to state governments for
21distribution to small businesses through state grant programs,
22such as the Business Interruption Grant Program; and be it
23further
 

 

 

SJ0014- 3 -LRB102 14215 ECR 19567 r

1    RESOLVED, That it is in the best interest of Illinoisans
2that our congressional delegation act swiftly to support the
3passage and implementation of a broad-based federal solution
4that addresses pandemic risk for Illinois businesses; and be
5it further
 
6    RESOLVED, That we are committed to continuing to urge our
7congressional delegation to find ways to protect and educate
8our business consumers, while creating an environment where a
9vital and robust pandemic risk solution can emerge in
10Illinois; and be it further
 
11    RESOLVED, That suitable copies of this resolution be
12delivered to the President of the United States, the U.S.
13Senate Majority Leader, the U.S. Senate Minority Leader, the
14U.S. Speaker of the House, the U.S. House of Representatives
15Minority Leader, and all members of the Illinois Congressional
16Delegation.