Throughout the summer, PIA National has been focused on providing immediate relief to small businesses, enabling them to survive in the current economic climate. We have engaged in sustained advocacy for more funding and vital reforms to the Paycheck Protection Program (PPP), making it more useful to small businesses. We are actively pursuing the inclusion of key PPP reforms in Congressional negotiations taking place now.
At the same time, we recognize the need to be proactive in preparing for the possible economic consequences of a future pandemic. PIA National believes that keeping a future pandemic from causing economic disaster requires, in the near term, a public-private partnership. To that end, PIA National supports H.R. 7011, the Pandemic Risk Insurance Act (PRIA), introduced by Rep. Carolyn Maloney (D-NY).
On September 10, PIA National was part of a select group of business and insurance stakeholders represented at a Roundtable held by Rep. Maloney to discuss the idea of a public-private partnership to address future pandemics. PIA National and the Council of Insurance Agents and Brokers (CIAB) represented the views of independent agents at the Roundtable. Wayne White, PIA National’s president-elect, represented PIA National.
During his remarks, President-Elect White noted that, while policymakers should offer businesses of all sizes a way to minimize the economic damage that could be caused by a future pandemic, it is imperative that any proposed solution be affordable for small businesses. His opening remarks can be found here, and PIA National’s press release can be found here.
President-Elect White also made clear that a global pandemic and corresponding economic downturn present complex problems and could require a comprehensive set of public policy solutions. So, while PIA National supports PRIA, we remain open to improvements that will help to ensure that the economic uncertainty of today is, to the extent possible, prevented in the future.