PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Small Business Advocate Urges Bipartisan Cooperation to Advance PPP Continuation

By at 20 October, 2020, 11:04 am

NEWS

For Immediate Release

Washington, D.C. – The U.S. Senate will act on “Continuing Paycheck Protection Program” legislation today, and the nation’s leading advocate for entrepreneurs and small businesses is urging every Senator to get behind this critical legislation, as capital is needed right now to help small businesses keep their doors open in the challenging weeks and months ahead. Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan delivered the following letter to all U.S. Senators today:

Please Save America’s Small Business Economy and Support the Vote to Continue PPP

October 20, 2020

To Members of the United States Senate:

On behalf of the Small Business & Entrepreneurship Council (SBE Council), I am writing to urge your support of Paycheck Protection Program (PPP) legislation being acted on today, which would reopen, renew and make practical PPP reforms to aid many more struggling Main Street businesses. Each and every day, local economies are losing small businesses, which means the economic hole gets deeper and harder to rebuild from once the pandemic passes. Small businesses are facing significant challenges right now and they need immediate capital, which is provided for in the “Continuing Paycheck Protection Act.”

There should be nothing partisan or political about supporting small businesses via this vital legislation.  It simply includes timely changes to PPP –  a program developed and passed with strong bipartisan support – and unlocks $138 billion in outstanding funds sitting idle in Washington.  Entrepreneurs and their employees need this assistance now to help them weather the very challenging months ahead.

The PPP continuation bill will allow a second draw loan for businesses that need this bridge to a recovering economy, and make practical changes that align with the current needs of businesses in the COVID-19 economy. Furthermore, the bill targets the smallest businesses, simplifies the forgiveness process which benefits small businesses and the federal government alike, and provides certainty and clarity for all participants in the PPP ecosystem.

The survival of millions of small businesses is at stake. There is no justification for voting “no” or blocking this critical PPP lifeline to your small business constituents. Support is urgent. Please support the effort to deliver small businesses the capital they need NOW by voting to advance the “Continuing Paycheck Protection Act.”

Sincerely,

Karen Kerrigan, President & CEO

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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