Washington, D.C. – The U.S. Chamber of Commerce welcomed news today that the administration and Congress have reached a deal to increase funding for small business owners under the CARES Act and called for swift enactment.
“We applaud congressional leaders and the administration for reaching a deal to increase desperately needed funding to support America’s small businesses during this difficult time,” said Neil Bradley, executive vice president and chief policy officer, U.S. Chamber of Commerce.
“Every hour of every day, small businesses across the country are being forced to make difficult decisions due to the significant revenue disruptions caused by the coronavirus. These additional funds could make the difference between keeping a business up and running over the coming weeks or being forced to reduce salaries, lay off employees, or shutter businesses entirely. Congress should enact this legislation immediately to help small businesses that need the funding right now.”
“We urge Congress and the administration to closely monitor the funds available and act swiftly to add additional resources before the funds reach their statutory limit,” Bradley added. “Congress must next turn to making the necessary technical corrections to programs created in the CARES Act to ensure that all employers — especially all small employers — have access to critical support during this time.”
Ensuring lending facilities have the resources they need to supply these loans makes a big difference and helps set small businesses up for success. The Chamber has seen firsthand the difference these funds can make in the livelihood of small business owners and the importance of opening up additional funding for more small businesses.
For example, Spencer and Bahar Ferguson who own Wasatch I.T., a computer technology company in Murray, Utah, received immediate paycheck protection program (PPP) funding to help keep their business afloat. The Fergusons plan to put their PPP loan to use to meet current payroll and lease expenses, and they say the funding has sparked a newfound confidence that they can survive a situation where they continue to lose new projects and clients.
“It was amazing; we could not believe it,” Spencer Ferguson said, referring to how quickly the funds were approved. “The PPP is exactly what we needed to get through the uncertainty.”
The U.S. Chamber of Commerce recently launched the Save Small Business Initiative, a nationwide program to provide supplemental funding, resources and webinars, research, and advocacy for American small businesses. To learn more, visit www.uschamber.com/save-small-business.
From shipping to staffing, the Chamber and its partners have the tools to save your business money and the solutions to help you run it more efficiently. Join the U.S. Chamber of Commerce today to start saving.