Chamber urges Congress to prepare to replenish funds to help small businesses left out
WASHINGTON, D.C. — The U.S. Chamber of Commerce today applauded Congress and the Trump Administration for their bipartisan action in adding another $310 billion to the Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program (PPP) after surging demand from small businesses exhausted the initial $349 billion of funding in less than two weeks.
“These additional funds will provide badly needed relief for more small businesses on the brink of closure,” said Suzanne Clark, President, U.S. Chamber of Commerce. “Unfortunately, we anticipate these new funds will be exhausted quickly. Congress must start working now on bipartisan solutions to ensure these programs do not lapse again. Small businesses and the families and communities they support are counting on these critical relief programs to help them survive the economic shutdown and get on the path to recovery."
One in four small businesses are on the brink of permanent closure, according to the Small Business Coronavirus Impact Poll released by the Chamber and MetLife. When asked what proposals might offer the most relief, 56% of small business reported direct cash payments to Americans would be the most helpful form of aid from the government, 30% said loans and financial aid, and 21% indicated suspending payroll taxes.
As part of the U.S. Chamber of Commerce’s Save Small Business Initiative, the Chamber has issued a number of guides to help small businesses, independent contractors, and gig economy workers prepare to file for a coronavirus relief loan under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The guides are available here.
“The U.S. Chamber of Commerce thanks our Congressional leaders for addressing the shortfall in available small business funding and replenishing the sought-after Paycheck Protection Program funds,” said Maura Donahue, President, DonahueFavret Contractors Holding Company, and Chairman, U.S. Chamber Board of Directors. “These additional funds will help more small businesses to stay open and create economic security for communities across the country.”
The U.S. Chamber is hosting a multitude of weekly virtual events to help businesses, employees, and communities address the challenges from coronavirus and how we are working towards solutions. In partnership with Inc., CO— by the U.S. Chamber of Commerce is hosting National Small Business Town Halls, every Friday, to help small businesses navigate financial aid programs, like the CARES Act, and answer questions. Workshop Wednesdays are discussions designed specifically for small businesses to help them learn skills and new approaches to keep business going. Featuring deep-dive conversations with a cross-sector of experts led by U.S. Chamber of Commerce President Suzanne Clark, the Path Forward Bi-weekly Series will navigate the complex issues as part of a responsible reopening strategy.
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.