Anticipation is growing for Congress to free up another batch of PPP loans for small businesses as part of additional legislation to respond to the economic fallout from the COVID-19 pandemic.
“For the past month, Congress has abandoned small businesses in turmoil,” said Small Business Majority Founder and CEO, John Arensmeyer, upon Congress’ return to Washington. “While negotiations on Capitol Hill hit a wall, small business owners across the country have been holding on, using every tool at their disposal to stay afloat. Some business owners have depleted their personal and retirement savings, remain closed, are behind on bills and rent, or are operating with a skeleton staff amid down business. However, for others, the month’s long gap in federal relief was the final nail in the coffin for their business and many entrepreneurs have been forced to close their doors for good.”
“For the past month,” he continued, “Congress has abandoned small businesses in turmoil. While negotiations on Capitol Hill hit a wall, small business owners across the country have been holding on, using every tool at their disposal to stay afloat. Some business owners have depleted their personal and retirement savings, remain closed, are behind on bills and rent, or are operating with a skeleton staff amid down business. However, for others, the month’s long gap in federal relief was the final nail in the coffin for their business and many entrepreneurs have been forced to close their doors for good.”
Arensmeyer noted that “since February, over a million small businesses have permanently closed, and more are on the horizon. One in four businesses in our network believe they will not survive past the next three months without additional relief, and a number of others are considering bankruptcy. Each day that Congress fails to come to a bipartisan solution, is another day closer to some businesses breaking point. The time for action is now.”
