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Small Business Owners Head to the Polls As Further Relief Opportunities Dim
The House, Senate and White House, are all battling in a legislative standoff, with Speaker Pelosi and Secretary Mnuchin attempting to navigate a challenging environment to advance a $2T relief package primarily aimed at supporting small businesses, the unemployed, and local and state municipalities.
However, the looming 2020 presidential election is playing spoiler to the relief talks. President Trump is pushing Senate Republicans to approve the House negotiated deal, however, Senate Republicans and Democrats continue to try and maneuver around each other to secure the most political points.
The NASE along with the leading small business advocacy organizations have repeatedly called on the Administration and Congress to stop playing games and focus on relief efforts.
Late last month, the NASE called on Congress to pass a stand-alone relief package for small business, the stand alone bill would include the following key priorities for the NASE and its members:
- 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
We encourage NASE members to contact their member of Congress to demand action on small business relief.
Katie Vlietstra is NASE’s Vice President for Government Relations and Public Affairs; You can contact her at kvlietstra@nase.org.
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