The coronavirus has drastically changed our lives and how we do business. It's hard, it's uncertain. But, the Big "I" is here to help. The Trusted Choice® COVID-19 Relief Fund was established to provide critical relief to independent insurance agencies and brokerages and their owners and employees experiencing economic disruption or loss or financial distress as a result of the COVID-19 pandemic. Grants may be used for technology and communications, lost wages and benefits (healthcare), and more. For the list of eligible and ineligible expenses, see below.
The Trusted Choice® COVID-19 Relief Fund (Fund) was established by the IIAA Educational Foundation (Foundation) of the Independent Insurance Agents & Brokers of America, Inc. (IIABA Big "I") to provide critical relief to independent insurance agencies and brokerages and their owners and employees experiencing economic disruption or loss or financial distress as a result of the COVID-19 pandemic. The Foundation is a 501(c)(3) entity. Contributions are tax deductible to the extent permitted by law, and no fees are deducted from contributions to the Fund for time of Foundation officers to manage it, but expenses incurred for third parties or staff, if applicable, to administer the distributions from the Fund may be paid for from the Fund.
The Fund was created to provide the insurance industry, including Big "I" staff, members, their agency employees, and others, with a vehicle to make financial contributions to aid independent insurance agencies and brokerages and their owners and employees with immediate or ongoing financial needs when other funding sources (such as insurance, grants, or federal or state loan programs) are not available, and to support other recognized tax-exempt organizations providing such relief and assistance to independent insurance agencies and brokerages and their owners and employees to fill the gap until other funding sources can be accessed. The types of expenses the Fund will cover are listed under the Use of Funds section of these Guidelines.
The purpose of the Fund is intended to provide critical relief to independent insurance agencies and brokerages and their owners and employees experiencing a significant economic disruption or loss or financial distress as a result of COVID-19 pandemic.The Foundation has complete discretion regarding how the grants will be distributed.
The Foundation reserves the right, in its sole discretion, to reject any grant applications received, to select the grant recipients, and to determine the amounts of any grants made.
The Foundation reserves the right, in its sole discretion, to revise these Guidelines at any time.
CRITERIA
- The cumulative amount of
all grant(s) to any eligible recipient may not exceed any maximum amounts
established by the Foundation per individual or business without the
approval of the Foundation’s Board of Trustees. The Foundation may make
additional grants to eligible victims, in its sole discretion.
- Grants can be made only
to those covered in the Eligibility section of these Guidelines and for
the purposes enumerated in the Use of Funds section of these Guidelines.
Independent insurance agencies and brokerages and their owners and employees who are eligible for a grant from the Fund are defined as:
- Individuals who own or are employed by independent insurance agencies and brokerages who sustained an economic disruption or loss or financial distress due to the Covid-19 pandemic.
- Independent insurance agencies and brokerages that sustained an economic disruption or loss or financial distress due to the Covid-19 pandemic.
- Independent insurance agencies and brokerages that need immediate funds to continue business operations and sustain customer services.
Direct grants to individuals will only be made to applicants who are U.S. citizens or legally admitted for residence in the United States.
In all cases involving individual grants, grant applicants must complete the Fund application form and submit all requested documents in support of the application in order to be considered for a grant from the Fund.
The
Fund expects to make grants to help independent insurance agencies and
brokerages and their owners and employees who have been economically impacted
by the Covid-19 pandemic. Grants may be used to cover expenses not covered by
insurance, grants, or federal or state loan programs for things such as, but
not limited to: