NASE in the News

As COVID Relief Bill Heads to Finish Line, NASE Releases New Membership Survey Showing Nation’s Smallest Businesses Need More Support

OR IMMEDIATE RELEASE: Tuesday, March 9, 2021
CONTACT:  Kristofer Eisenla, LUNA+EISENLA media

New Poll on Small Business COVID Relief

NASE Releases New Membership Survey Showing Nation’s Smallest Businesses Need More Support

Poll Offers Snapshot of Challenges and Impact of Payroll Protection Program on Nation’s Smallest Businesses

WASHINGTON, D.C. – As the American Rescue Plan heads to the U.S. House of Representatives for final passage, the National Association for the Self-Employed (NASE), the nation’s leading advocate and resource for the self-employed and micro-business community, today released a new survey of its membership about the Payroll Protection Program (PPP) indicating an overwhelming majority of these owners of businesses with fewer than 10 employees believe the government should do more for the American small business community.

“The COVID relief bill is a vital step to getting our community to the other side of this pandemic. It is no secret the small business community continues to hurt from the economic fallout of the pandemic and needs critical government relief,” said Keith Hall, president and Chief Executive Officer. “An overwhelming 88 percent of respondents to our member survey indicated they supported the federal government enacting another round of stimulus, including loans for the small business community.”

The Biden Administration’s $1.9 trillion COVID relief legislation includes several measures designed to support the American small business community. Hall called the American Rescue Plan “bold and ambitious” reflecting it “demonstrates a commitment that the American small business community, including the self-employed and micro-businesses, won’t be left behind.”

Some of top lines of the NASE Member Survey includes:

• A whopping 88 percent indicated they are supportive of the federal government passing additional stimulus relief for small businesses, including additional PPP loans.
• 62% have experienced a loss in revenue resulting from the COVID pandemic, with 52% reporting either having to close or partially close their business (defined as a reduction in services by at least 50%).
• 68% believe that the federal government did NOT “provide adequate financial support for the small business community through the creation of the Paycheck Protection Program (PPP)” originally.
• 74% received no financial support through the first round of PPP funding.
• Of those who did receive the initial PPP support, 64% say it lasted “2-4 months,” was used for payroll (84%) and believe it should be forgiven up to $50k (60%).
  
  

“Given many of our members were unable to receive PPP funds during the first round of the program, we are heartened the new eligibility requirements will allow more self-employed and gig economy workers to access these critical funds. Now is the time for Congress to come together and pass much needed relief for the small business community,” concluded Hall.

The Biden-Harris Administration recently announced new rules and reforms intended to increase lending the small business community while providing more equitable access to relief. NASE welcomed the news that a larger share of PPP funds were going to be prioritized for small businesses with less than 20 employees.  The newly announced eligibility calculations will ensure more self-employed workers will be able to apply for loans and use the money in a flexible way to fund both payroll and qualified expenses.

Hall also penned an op-ed in The Hill imploring our elected leaders in Washington to come together to support our nation’s small business community on issues ranging from COVID relief to affordable health care and ensuring tax equity and fairness.

The poll was conducted December 2020 through January 2021, with results from 786 small business owner members of NASE, a business demographic made up of primarily small businesses with less than 10 employees, representing the self-employed and gig-economy workers.

To speak with a NASE Small Business Expert, contact Kristofer Eisenla at [email protected]

###

The National Association for the Self-Employed (NASE) is the nation's leading advocate and resource for the self-employed and micro-businesses, offering a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy.

The NASE Next Biz Thing helps identify and connect our nation’s smallest businesses. Need small business help? Check out NASE’s Ask the Experts for advice or the NASE Minute for small business support.

The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's website at NASE.org