Response to COVID-19 would provide further relief to small businesses.
WASHINGTON, DC, April 23, 2020— The Independent Insurance Agents & Brokers of America (the Big “I”) thanks Congress and the Trump administration for working together to pass additional relief for small businesses all over the country as part of the latest COVID-19 relief package. The legislation would also include funding for hospitals and more testing for COVID-19.
“This additional funding was urgently needed, and the Big ‘I’ commends congressional leadership, President Trump and his administration for their bipartisan collaboration,” says Bob Rusbuldt, Big “I” president & CEO. “The latest COVID-19 relief legislation contains significant funding for small businesses, including an additional $310 billion for the Paycheck Protection Program and $60 billion more for the Economic Injury Disaster Loan Program. This will provide vital support to keep businesses across the country afloat and prevent countless workers from losing their jobs.”
The majority of Big “I” members are small businesses and have been deeply affected by government closures and other restrictions, labor force limitations, supply chain interruptions and the curtailment of ordinary activities. This bipartisan agreement between the Trump Administration and congressional leaders would provide approximately $484 million in funding to fight COVID-19 and keep businesses open and Americans employed. In addition to providing $370 billion for small businesses, the package would also provide $75 billion for hospitals and $25 billion for COVID-19 testing.
“In this national crisis, further relief was urgently needed to help small businesses, including insurance agencies, overcome the economic damage that COVID-19 has already caused,” says Charles Symington, Big “I” senior vice president of external, industry and government affairs. “The Big ‘I’ remains committed to working with the Trump Administration, Congress, our colleagues in the insurance market, and other stakeholders to continue to identify and implement solutions for businesses and consumers who are dealing with the ongoing health and economic challenges caused by COVID-19.”
Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice® brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.