PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Letter to Members of the United States Senate: Save Main Street, Vote “YES” on the CARES Act

By at 22 March, 2020, 4:29 am

SAVE SMALL BUSINESSES AND MAIN STREET AMERICA!

Members of the United States Senate:

On behalf of the Small Business & Entrepreneurship Council (SBE Council) and our more than 100,000 supporters and members nationwide, I am writing to voice our organization’s strong support for the Coronavirus Aid, Relief, and Economic Security (CARES) Act. We urge you to vote YES on this critical legislative package.

The shock and potency of the coronavirus’ impact has placed the livelihoods and businesses of millions of entrepreneurs, their employees and self-employed Americans at immediate risk. Congress must respond in unprecedented form and speed, and the CARES Act does just that through powerful provisions that will save countless small businesses and jobs, which are critical to our economic vibrancy and local communities.

Notably, the Small Business Interruption Loans, if delivered with efficiency and speed, will carry countless small businesses through this challenging period. With plunging revenues and government actions that severely restrict sales and foot traffic, hundreds of thousands – if not millions of businesses – will be forced to close for good. Capital is critical right now, and it is the only thing that will carry many small businesses through this crisis.  The structure, terms and generous nature of the CARE Act loans for small businesses, along with delivering them through our nationwide network of financial institutions – including community banks, credit unions, regional banks, larger banks and qualified online lenders as determined by U.S. Treasury – is key to the quick deployment of this needed capital.

Furthermore, a host of smart tax provisions in the legislation will provide relief and certainty that will keep entrepreneurs focused on re-building their revenue streams to ensure business survival over the long-term. Jobs will be saved and maintained. For example, a generous delay of the payment of employer-side payroll taxes, the five-year carry back and expansion of NOLs, a loosening of business interest deduction from 30 percent of EBITDA to 50 percent of EBITDA, the QIP technical correction, along with other changes including the helpful health savings accounts (HSA) changes will support small businesses and their employees alike.

Again, we urge every member of the U.S. Senate to vote for the CARES Act. A powerful and unprecedented legislative package such as the CARES Act is desperately needed for small business America, and once the coronavirus threat passes it will help us see many “Open for Business” signs on Main Street once again.

Sincerely,

Karen Kerrigan

President & CEO

 

Protecting Small Business, Promoting Entrepreneurship

 

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