The Trusted Choice COVID-19 Relief Fund
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TRUSTED CHOICE® COVID-19 RELIEF FUND GUIDELINES
Established by the IIAA Educational Foundation
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) 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 IIABA 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.
- 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.
USE OF FUNDS
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:
- Purchase of safety items such as protective equipment, sanitizers, disinfectants and partitions;
- Telework resources;
- Medical expenses not subject to reimbursement (including, but not limited to, psychological counseling expenses);
- Office and operations expenses, recurring or non-recurring fees for service or equipment, and computer equipment and technology for remote workers;
- Technology and communication expenses related to remote business operations and customer service;
- Employee training and education specific to remote work operations (e.g., VPN operations, cybersecurity awareness, etc.);
- Office equipment, furniture and supplies to aid in remote business operations and customer service; and
- Other essential time-sensitive and unreimbursed expenses.
Grants also may be used as otherwise provided for pursuant to the Policy Statement in these Guidelines. A recipient of a grant may be required to provide verification to the Foundation that the grant was used for the purpose(s) in the application.
The Fund will not make grants:
- To reimburse agency or brokerage clients who sustained an economic loss;
- Payroll or wage related expenses;
- To family members of owners or employees of agencies and brokerages, who are not themselves employed by the agency or brokerage;
- To applicants who do not meet the criteria described in the Eligibility section in these Guidelines; and
- To cover the effect of lost business opportunities.
PAYMENTS TO ELIGIBLE AGENCIES, BROKERAGES, OWNERS AND EMPLOYEES
As soon as practical after the date on which a determination is made by the Fund to make a grant to an eligible recipient, the Foundation will authorize payment.
SUBMISSION OF GRANT APPLICATIONS
The Foundation prepared these Guidelines to assist potential recipients with completing grant applications. All grant applications must be submitted online using this system and may take up to 8 weeks for processing depending on the number of applications received. Submitted applications that include all of the required documentation are processed more quickly so please be sure to submit detailed documentation to speed up the processing time.