Insurers Secured Hundreds Of Millions From Coronavirus Relief Funds

Unlike restaurants, bars, salons and gyms, insurance companies didn’t shut down at the beginning of the COVID-19 pandemic. They’re not facing uncertain futures like many businesses that depend on retail traffic.

And no matter how they were financially affected, their customers can’t avoid buying their product.

And yet, thousands of insurance businesses in Florida and the U.S. have taken advantage of Payment Protection Program funds, securing hundreds of millions of dollars in potentially forgivable loans.

As with other lucrative businesses that have availed themselves of the money, consumers are justified in asking whether insurance companies really needed it or were merely taking advantage of an opportunity to pad their bottom lines, said Sarah Crozier, senior communications manager at Main Street Alliance, a national small-business advocacy organization.

“It gets to the core question of ‘What’s the PPP money for?‘” Crozier said in an interview.