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Waters Warns That Small Businesses May Permanently Close Due to COVID-19 if Action Is Not Taken Soon

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following statement at a Subcommittee on Housing, Community Development, and Insurance virtual hearing entitled, “Insuring against a Pandemic: Challenges and Solutions for Policyholders and Insurers.”

“Thank you very much Chairman Clay. When the COVID-19 pandemic hit in March, small businesses were devastated, and have been largely unable to rely on their business interruption insurance policies to cover these losses. As we enter the winter months, economic forecasters are warning that small businesses—many of which have not recovered from the disruption they have experienced already this year—may permanently close if policymakers don’t act.

“Congress has an important role to play, but with the election of President-elect Biden, I’m hopeful the government will respond to this pandemic with effective leadership, which has been, and continues to be, absent under the current President.

“So I am looking forward to today’s discussion of the various paths forward, and I thank the witnesses that we will have here today.”


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