PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

SBE Council Responds to Small Business Relief and Recovery Measures in GOP Phase 4 Package

By at 27 July, 2020, 6:03 pm

NEWS

For Immediate Release

Washington, D.C. – Today, Republican leaders in the U.S. Senate introduced their Phase 4 package – the Health; Economic Assistance; Liability Protection; and Schools Act (HEALS Act). Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement about several small-business related measures in the package including the Continuing Small Business Recovery and Paycheck Protection Program Act,and a liability safe harbor (the Safe to Work Act):

“It is clear that Senator Rubio and Senator Collins listened to diverse small business voices and many business owners in crafting this PPP re-tool and recovery package. The legislation broadens the type of expenses that can be forgiven under PPP, which have become essential during COVID-19, provides additional flexibility, simplifies the loan forgiveness process for smaller loans, and allows previous PPP loan recipients to borrow an additional round of funds.

“The separate low-interest, long-term ‘recovery’ loan program established in the package could very well be the true Main Street lending program that the Federal Reserve seems to have missed. This program will help a diverse range of small businesses in low-income areas by offering favorable terms, and allow for a broad usage of loan funds, including working capital and refinancing of existing debt.

“A liability safe harbor is a key piece of the recovery package mix. The vast majority of small business owners are doing everything possible to keep their employees and customers safe, but opportunistic lawyers are circling Main Street. This section of the HEALS Act is essential to recovery and business certainty. It strikes the right balance between rewarding compliance with health and safety rules and guidance, and ensuring bad faith actors are held accountable.

“There are many areas of common ground with Democrats in the GOP Phase 4 package, which will help small businesses navigate and survive this grueling economic period. SBE Council looks forward to working with both parties on hammering out a final package, and getting it to the President’s desk for his signature.”

Click here for Section-by-Section outline of the “Continuing Small Business Recovery and Paycheck Protection Act,” and a one-pager of the act here.

Contact: Karen Kerrigan, 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 for additional information. Twitter: @SBECouncil

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