PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Kerrigan in Morning Consult for “Small Business Week”: A Tale of Two Streets in the COVID-19 Economy

By at 22 September, 2020, 7:45 am

It’s National Small Business Week and in a September 21 Morning Consult Op-ed, SBE Council president & CEO Karen Kerrigan and ACCF nonresident Senior Fellow Mike Roman express their sense of urgency about the need for Congress to act on further relief and a recovery package for America’s small businesses. As they note in the piece:

“The coronavirus has certainly taken its toll. The facts are clear – over 6.5 million cases and the heartbreaking loss of nearly 200,000 lives. The economic pain is also well-known by all, with $2 trillion in gross domestic product wiped out during the first two quarters of 2020, 22 million jobs lost (42 percent of which have been regained) and hundreds of thousands of small businesses shuttered. One report estimates 3.5 million closures over the next two months, and possibly 7.5 million closures over the next five months.”

They review key measures that already have bipartisan support in both chambers of Congress, and urge Members (and the Federal Reserve) to establish a “Main Street Recovery Co-Investment Fund,” as modeled after a successful program in the UK to help drive needed capital to small businesses.

Read the full Op-ed here.  

 

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