American Family urges Congress to assist minority- and women-owned businesses
New Paycheck Protection Program legislation must be more inclusive
American Family Insurance is committed to bridging equity gaps across communities and is urging lawmakers to make new PPP legislation more inclusive.
The impact of the COVID-19 pandemic has been devastating for many small businesses. And although the federal government has issued billions in forgivable loans for companies through the Paycheck Protection Program (PPP), the funding didn’t reach some of the small businesses that needed it most.
Over the next few weeks, Congress is expected to take up and pass “COVID Phase IV” stimulus and relief legislation. Changes to the PPP will be part of this discussion. While the program has helped over 500,000 businesses stay afloat, it’s been criticized for a poor track record when it comes to helping businesses owned by minorities and women.
American Family Insurance is committed to bridging equity gaps across communities and is urging lawmakers to make this new legislation more inclusive. Organizations such as the U.S. Hispanic Chamber of Commerce and the U.S. Black Chambers are among those lobbying for changes to the program to provide greater support to minority- and women-owned businesses. We agree, and American Family has shared this position with lawmakers who are discussing the legislation:
“American Family Insurance urges Congress to make changes to the Paycheck Protection Program (PPP) to better assist minority- and women-owned businesses. Evidence is mounting that businesses owned by minorities and women have been particularly hard hit by the COVID-19 pandemic while at the same time facing challenges in accessing federal assistance like the PPP. Congress must act quickly to remedy this situation.”
“The lack of funding is creating a ripple effect in the communities these businesses serve,” said Candy Embray, president of commercial lines at American Family. “Minority- and women-owned businesses are more likely to employ people of color and serve diverse communities – and a large number of these businesses tend to be in sectors hit particularly hard by the COVID-19 pandemic.”
About the American Family Insurance group
Based in Madison, Wisconsin, American Family Insurance has been serving customers since 1927. We inspire, protect and restore dreams through our insurance products, exceptional service from our agency owners and employees, community investment and creative partnerships to address societal challenges. We act on our belief in diversity and inclusion by constantly evolving to meet customer needs and preferences. American Family Insurance group is the nation’s 13th-largest property/casualty insurance group, ranking No. 254 on the Fortune 500 list. The group sells American Family-brand products, primarily through exclusive agency owners in 19 states. The American Family Insurance group also includes CONNECT, powered by American Family Insurance, The General, Homesite and Main Street America. Across these companies the group has more than 13,500 employees nationwide.