PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Kerrigan Statement on President Trump’s Economic Actions on Coronavirus  

By at 11 March, 2020, 10:15 pm

NEWS

For Immediate Release

Washington, D.C. – Small Business & Entrepreneurship Council (SBE Council) President & CEO Karen Kerrigan issued the following statement in response to President Donald J. Trump’s address to the nation regarding the steps his Administration will take to support the economy and help small businesses navigate through the unforeseen challenges and potential hardships brought on by the coronavirus:

“We applaud President Trump for taking significant and important steps that will help entrepreneurs and small businesses navigate the current economic challenges triggered by the coronavirus. Many small businesses have yet to feel the economic effects of the coronavirus, but those who are being hit first – namely, tourism related businesses and those whose livelihoods are tied to conferences and events, as well as those hit with supply chain disruptions  – will appreciate the lifeline of capital and other action steps outlined by the President to help weather the shock. The SBA is well-prepared to administer the ‘economic loans’ President Trump referred to in his speech given their successful history in managing emergency loans during national disasters. In addition to the $50 billion in SBA loan support announced by President Trump this evening, which must be approved by Congress, he also met today with the CEOs of America’s largest banks who pledged to keep the capital flowing to small businesses and gig economy entrepreneurs. The President’s leadership in marshalling the financial community, along with efforts to protect consumers from receiving ‘surprise bills’ during this national health challenge is most appreciated.

“Small business owners and their employees hope members of both parties find a way to work with President Trump on payroll tax relief. The payroll tax is particularly burdensome for startups and small businesses, and it hurts workers as well. Providing relief from this tax will benefit both entrepreneurs and their hard-working employees and allow them to better traverse the potential economic hardship that may emerge from the effects of the coronavirus. Of course, the measure outlined by President Trump that will provide flexibility on the April 15 tax deadline for payments is another move that will offer relief to many small business owners and self-employed gig economy workers.

“America’s entrepreneurs are resilient and innovative and will first find solutions and paths to survive and navigate challenges before turning to the government for help. The solutions outlined by the President this evening will be an effective safety net if small business owners need help, and we appreciate his leadership and sensitivity in supporting America’s entrepreneurs – the backbone of our economy, the job creators and innovators – during this challenging period.”

Related Content:

Protecting Your Business in the Coronavirus Economy, Small Business Insider, by Karen Kerrigan. March 11, 2020.

Contact:  

Karen Kerrigan, SBE Council president & CEO
e-mail: kkerrigan@sbecouncil.org 

SBE Council is nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For 25 years, SBE Council has worked on and advanced a range of private sector and public policy initiatives to strengthen the ecosystem for strong startup activity and small business growth. Visit www.sbecouncil.org @SBECouncil

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