PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Letter to All Members of the U.S. House: Support for the Discharge Petition on H.R. 8265

By at 28 September, 2020, 8:16 am

September 28, 2020

Dear Member of the U.S. House of Representatives:

As you are well aware, the very survival of millions of small businesses is threatened by the impact of COVID-19. Local economies depend on these small businesses, and employees and local governments alike will feel the sting of lost wages and tax revenues if another big wave of closures take place. That is why the Small Business & Entrepreneurship Council (SBE Council) believes Congress must produce legislation that will aid struggling small businesses right now and why we support the discharge petition on H.R. 8265.

As you may be aware, SBE Council is advocating for additional recovery measures, including lifting the caps on the EIDL loan program, the establishment of a long-term recovery loan program, putting in place a co-investment fund that matches local investment capital with funds raised on regulated crowdfunding platforms, among other initiatives. However, given the constraints on time and congressional action, and the urgent need to deploy capital immediately, SBE Council stands in full support of the discharge petition. The Paycheck Protection Program (PPP) has a significant amount of funds that are being unused, and the fixes proposed by H.R. 8265 are common sense solutions supported on a bipartisan basis.

The practical modifications proposed in H.R. 8265 align with the current needs of Main Street businesses. These include the expansion of forgivable expenses such as PPE and cloud-based platform costs, both of which are essential given COVID-19 restrictions imposed on small businesses and the need for social distancing. Moreover, the PPP second draw provision along with flexibility in the 8-week window for loan forgiveness, simplifying the forgiveness process, and allocating PPP funds for the smallest of businesses and for institutions serving minority and underserved small businesses will be a lifeline to these businesses that need help now.

As I noted in a recent Small Business Week op-ed in Morning Consult, hundreds of thousands of small businesses have been shuttered by COVID-19, with more to come: “One report estimates 3.5 million closures over the next two months, and possibly 7.5 million closures over the next five months.”

Doing nothing is simply not an option!

As you well know, SBE Council has supported, and is supporting, legislation proposed by Democrats and Republicans alike. When we review these proposals, it is all about small businesses. The discharge petition on HR. 8265 is a necessary and practical step to support our hurting small businesses and their workers. We strongly urge you to sign the discharge petition on H.R. 8265 in support of our nation’s small businesses and their employees.

Sincerely,

Karen Kerrigan – President & CEO

 

 

 

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