WASHINGTON, DC, March 25, 2021— The Independent Insurance Agents & Brokers of America (the Big “I") commends Congress for passing H.R. 1799, the “Paycheck Protection Program Extension Act," which would provide small businesses with an additional two months to apply for Paycheck Protection Program (PPP) loans.
“The Big 'I' thanks the U.S. Senate for its strong bipartisan action to extend the deadline for small businesses to receive PPP loans and especially commends Majority Leader Chuck Schumer (D-New York) and Minority Leader Mitch McConnell (R-Kentucky)," says Charles Symington, Big “I" senior vice president of external, industry and government affairs. “The PPP, while not perfect, has been imperative to keeping the doors open for millions of small businesses. This extra time to apply for and receive PPP loans will allow more small businesses to take advantage of this important support and keep their employees on payroll. We now urge President Joe Biden to sign this legislation into law as soon as possible."
The PPP was set to expire on March 31. This legislation extends that deadline by two months and provides an additional 30 days for the U.S. Small Business Administration (SBA) to process loans submitted prior to the new May 31 deadline.
“The Big 'I' also thanks House Small Business Committee Chairwoman Nydia Velazquez (D-New York) and Ranking Member Blaine Luetkemeyer (R-Missouri) for their leadership in negotiating and introducing this important legislation," says Wyatt Stewart, Big “I" assistant vice president of federal government affairs. “As the pandemic and the federal government's response continue, the Big 'I' remains committed to helping businesses and consumers who are dealing with COVID-19's ongoing challenges by working with the Biden Administration, Congress, our colleagues in the insurance market, and other stakeholders to identify and implement solutions."
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.