WASHINGTON, DC, March 26,
2020— The Independent Insurance Agents & Brokers of America (the Big “I”)
thanks the U.S. Senate for passing the Coronavirus Aid, Relief and Economic
Security (CARES) Act, which would provide significant funding to fight
coronavirus, or COVID-19, while also providing immediate relief to individuals
and small businesses all over the country.
“The Big ‘I’ commends the
Senate, and especially Leaders McConnell (R-Kentucky) and Schumer (D-New York),
for their bipartisan collaboration to help individuals and small businesses
across the country,” says Bob Rusbuldt, Big “I” president & CEO. “We are
especially grateful that the passage of the CARES Act includes significant
funding to keep Americans healthy while also providing small businesses with
immediate tax relief and access to capital. The $350 billion in small business
loans, which would be forgiven if certain criteria are met, will prevent
countless workers from losing their jobs and be vital in keeping businesses
afloat. We now urge the House of Representatives to pass this legislation
immediately and for President Trump to sign this package into law as soon as
possible.”
The majority of Big “I”
members and many of their clients are small businesses and have been deeply
affected by government closures and other restrictions, labor force limitations
and the curtailment of ordinary activities. This bipartisan agreement between
the Trump Administration and congressional leaders would provide approximately
$2 trillion to fight COVID-19, keep businesses open and provide individuals
with financial assistance. In addition to providing $350 billion in small
business loans, the CARES Act would also allow employers to delay the payment
of their 2020 payroll taxes until 2021 and 2022, leading to approximately $300
billion of extra cash flow for businesses.
“The U.S. is in the midst of
a national crisis and the CARES Act is urgently needed to mitigate the damage
that COVID-19 has already caused,” says Charles Symington, Big “I” senior vice
president of external, industry and government affairs. “As the federal
government continues its response to the pandemic, the Big ‘I’ remains committed
to working with the Trump Administration, Congress, our colleagues in the
insurance market, and other stakeholders to identify and implement solutions to
help 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.