Sue Nester LC-06-20
703-706-5448 www.independentagent.com
Big 'I' Applauds Congressional Passage of Paycheck Protection Program Fixes
Senate vote follows House approval of measure last week.
WASHINGTON, DC, June 3, 2020— The Independent Insurance Agents & Brokers of America (the Big “I") thanks Congress for passing H.R. 7010, the “Paycheck Protection Program Flexibility Act," which would provide small businesses with additional flexibility in using their Paycheck Protection Program (PPP) loans.
“The Big 'I' commends the Senate, and especially Majority Leader Mitch McConnell (R-Kentucky) and Minority Leader Chuck Schumer (D-New York), for their strong bipartisan action to make vital improvements to the PPP," says Charles Symington, Big “I" senior vice president of external, industry and government affairs. “While not perfect, the PPP provides a lifeline that has allowed many small businesses to stay afloat. This new legislation would fix some of the program's imperfections by giving small businesses, including Big 'I' members and their clients, additional flexibility in the use of their PPP loans. This flexibility is essential for small business as the nation continues to reopen. We now urge President Trump to sign this legislation 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, supply chain interruptions and the curtailment of ordinary activities. The bipartisan Paycheck Protection Program Flexibility Act is strongly supported by the Big “I" and will create additional PPP flexibility for Big “I" members and their clients by extending the expense forgiveness period from eight weeks to 24 weeks, reducing the 75% payroll ratio requirement, eliminating the two-year loan repayment restrictions for future borrowers, allowing payroll tax deferment for PPP recipients and extending the June 30 rehiring deadline.
“The Big 'I' would also like to thank Reps. Dean Phillips (D-Minnesota) and Chip Roy (R-Texas) for their work as lead sponsors of this important legislation," says Wyatt Stewart, Big “I" senior director of federal government affairs. “As the federal government's response to the coronavirus pandemic continues to develop, the Big 'I' remains committed to working with the Trump Administration, Congress, our colleagues in the insurance market, and other stakeholders 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.
Sue Nester
Vice President, Communications
susan.nester@iiaba.net | (703) 706-5448 | (301) 606-1601 | www.independentagent.com