Small Business Leaders Send Letter to Congress Calling for Stand-Alone Small Business COVID-19 Relief
Small Business Roundtable (SBR), a coalition of leading small business and entrepreneurship organizations, urges an immediate stand-alone small business package to assist the most fragile small businesses at such a critical time.
Small Business Roundtable and other key industry leaders sent a letter to Congressional leadership calling for immediate legislation that recognizes the below small to no-cost solutions to help small businesses stay open this holiday season, including to:
● Allow the hardest hit small businesses to take a second draw on the Paycheck Protection Program (PPP), as suggested in the Continuing Small Business Recovery and Paycheck Protection Program Act and Prioritized Paycheck Protection Program (P4) Act;
● Expedite PPP loan forgiveness, particularly for the smallest and hardest hit businesses, pass S. 4117/H.R. 7777, The Paycheck Protection Small Business Forgiveness Act; ● Allow full tax deductibility for PPP recipients, thereby eliminating the unexpected and substantial tax increase many business owners now face;
● Eliminate caps and increase funding for the Economic Injury Disaster Loan Program; ● Ensure tax-exempt organizations such as 501(c)6 trade organizations, chambers of commerce and destination marketing organizations (501(c)6 and quasi-governmental structures have PPP access
● Optimize the Small Business Administration 7(a) loan program by providing increased federal loan guarantees and maximum loan sizes, as well as reduced fees, all of which were critical programmatic changes that accelerated economic recovery after the Great Recession; and
● Increase funding for Community Development Financial Institutions, which promote economic revitalization in distressed communities.
● Costs associated with Personal Protection Equipment (PPE), technology and cloud based services, and business physically damaged during COVID-19 should be forgiven under PPP.Read the full letter