Schumer And Pelosi’s Intransigence Allowed ‘Crucial’ PPP Lifeline To Lapse

‘Small Businesses Are In Limbo Again’ As ‘Democrats Have Resisted’ Extending The PPP, ‘Saying They Want A Sweeping Multitrillion-Dollar Package’

“Small businesses are in limbo again as the coronavirus outbreak rages and the government’s $659 billion relief program draws to a close. Companies still struggling with sharply reduced revenue are wondering if Congress will give them a second chance at the Paycheck Protection Program, which ended Saturday after giving out 5.1 million loans worth $523 billion…. [B]usiness owners still need help as the virus continues to spread and hamstring the economy. ‘They’ve exhausted their funds and are looking for a Round Two,’ said Molly Day, a spokeswoman for the National Small Business Association, an advocacy group.” (“Loan program ends, hard-hit businesses hope for 2nd chance,” The Associated Press, 8/10/2020)

• “‘There’s absolutely a need for more help in some industries,’ said Carson Lappetito, president of Sunwest Bank, a regional lender based in Irvine, Calif., that has made more than 2,000 P.P.P. loans. ‘In the hotel and restaurant and hospitality sectors, those areas have been completely hammered.’” (“Amid Dire Jobless Numbers, Small-Business Relief Program Nears End,” The New York Times, 8/06/2020)

“[B]ipartisan efforts designed to improve and extend the program have been hampered by the slow pace of talks between White House and Democratic negotiators on a broader coronavirus aid deal. Lawmakers from both parties say they back reopening the program to new loans as well as making changes to help smaller businesses. Aides and lawmakers say senators on the Small Business Committee are largely in agreement on new legislation that would extend the program for several months, simplify the forgiveness for small-dollar loans and allow businesses with modest head counts to access a second round of money.” (“Lawmakers’ Efforts to Restart PPP Stalled by Broader Fight,” The Wall Street Journal, 8/08/2020)

• “But Democrats have resisted doing piecemeal legislation, saying they want a sweeping multitrillion-dollar package that includes funding for unemployment benefits and state and local aid and could include PPP.” (“Lawmakers’ Efforts to Restart PPP Stalled by Broader Fight,” The Wall Street Journal, 8/08/2020)

Senate Republicans Are Proposing Another $190 Billion For PPP Loans, But House Democrats’ $3 Trillion Bill Had No Additional Funding For The PPP

SEN. RUBIO: “Today, Senator Collins and I are announcing our proposal for a second round of PPP …” (Sen. Rubio, Press Release, 7/27/2020)

• “The Continuing Small Business Recovery and Paycheck Protection Program Act would provide additional assistance to the hardest-hit small businesses that are struggling to recover from the impacts of the COVID-19 pandemic. [The bill p]rovides $190 billion of committed and appropriated funds to support PPP and PPP Second Draw Loans.” (Sen. Rubio, “Continuing Small Business Recovery and Paycheck Protection Program Act,” 7/27/2020)

“Unlike in the CARES Act, financial services policy has taken something of a back seat in the HEROES proposal. While the Democrats’ proposal includes considerable changes to the Paycheck Protection Program (PPP), this does not include any additional funding…. The HEROES Act … does nothing to actually prolong the life of the program.” (Thomas Wade, “Financial Services Provisions in the HEROES Act,” American Action Forum, 5/13/2020)

‘The PPP Has Provided A Lifeline For Many Small Companies Struggling To Stay Afloat During The Pandemic,’ ‘Many Businesses Have Credited The Program With Keeping Them Alive When Much Of The Economy Closed Down’

SEN. RUBIO: “On April 3rd, when the first PPP loan was made, no one on the planet had ever applied for one, processed one, approved one, or made one. So that when you add it all up I don’t think there’s any question that it’s by far the most successful part of the [Cares Act]…. [T]here is no doubt in my mind that there are people by the millions who kept their jobs and paychecks and there are businesses by the hundreds of thousands that would not today be viable had it not been for the program.”” (“Rubio Went All-In On Small-Business Program That Has Become The Centerpiece Of An Economic-Revival Push,” The Washington Post, 6/10/2020)

“The U.S. economy buckled in March and April amid the coronavirus pandemic … Many economists say conditions will remain shaky for at least another year. But they also say things would be even worse without the giant loan forgiveness program, which Sen. Marco Rubio (R-Fla.) shepherded through Congress …” (“Following Messy Start, Enormous Paycheck Protection Program Shows Signs Of Buttressing Economy,” The Washington Post, 6/10/2020)

• “[I]n the wake of [the] surprisingly positive jobs report [for May], the PPP is being widely hailed as one of the most successful pieces of the congressional response to the economic crisis brought on by the coronavirus.” (“Rubio Went All-In On Small-Business Program That Has Become The Centerpiece Of An Economic-Revival Push,” The Washington Post, 6/10/2020)

• “The PPP has provided a lifeline for many small companies struggling to stay afloat during the pandemic.” (“Small Businesses Raced To Spend PPP Funds But Covid-19 Pandemic Drags On,” The Wall Street Journal, 6/26/2020)

• “PPP has helped thousands of small businesses meet payroll since it launched …” (“Lawmakers’ Efforts to Restart PPP Stalled by Broader Fight,” The Wall Street Journal, 8/08/2020)

• “Many businesses have credited the program with keeping them alive when much of the economy closed down in the spring…. Despite the hiccups, PPP loans has been viewed largely as a success. As of July 31, about 5 million businesses received loans totaling more than $521 billion, according to the Small Business Administration which runs the program.” (“The Paycheck Protection Program Expires Today. The Future Of The Small Business Rescue Plan Is In Limbo As Stimulus Talks Stall,” USA Today, 8/08/2020)

“Jon Winick, chief executive of Clark Street Capital, a firm that advises lenders, called the program a ‘successful bipartisan effort.’ It was created in a hurry based on expectations that the economic recovery would be ‘V-shaped’ … However, the program ‘did provide a bridge for thousands of businesses to stay in the game long enough to make it to the other side,’ Mr. Winick said.” (“Amid Dire Jobless Numbers, Small-Business Relief Program Nears End,” The New York Times, 8/06/2020)

Small Businesses: ‘PPP Was Designed To Keep People Employed, And That’s What We Did,’ ‘For Us It Was Crucial,’ ‘It Is A Good Program Overall’

KENTUCKY: “For Steve Gates, the dealer principal at Gates Auto Family, the coronavirus crisis drastically hurt car sales…. Gates said when PPP loans became available, it just ‘made sense’ to apply for them. At that point in time, Gates said that Gates Auto was not selling cars -- they weren’t allowed to due to restrictions in place. ‘For all intents and purposes we were just closed, and we had laid off a lot of people,’ he said. However, when Gates Auto was approved for the PPP loans, which totaled over $1 million for their various auto dealerships, Gates said they were given a second chance. All of the employees who had been furloughed were called back into work, and once they were allowed to reopen and sell cars, Gates said that for one month, they did a lot of business.” (“How PPP saved local businesses,” Richmond [KY] Register, 8/02/2020)

• STEVE GATES, Gates Auto Family: “PPP was designed to keep people employed, and that’s what we did.” (“How PPP saved local businesses,” Richmond [KY] Register, 8/02/2020)

KENTUCKY: “Wes Browne, the owner of Apollo Pizza, told The [Richmond, KY] Register that Apollo faced a hard revenue drop, and lost some employees due to the outbreak. ‘Some pizza places are doing better than they ever have, so far as deliveries, but for us, half of our income was dine in,’ Browne said. However, the PPP loans helped Browne keep his restaurants open, pay his employees and adapt to restrictions as they came. According to Browne, some of the loan went towards refurbishing Apollo’s outdoor operations -- seeing as restaurants in Kentucky are allowed to have unrestricted seating outdoors, so long as social distancing is practiced. ‘(The PPP loans) allowed us to allocate money to do outdoor dining to recoup with some of the business we lost,’ he said. As such, Browne said Apollo’s spent money on gear like tents which furthered outdoor seating options at its locations, something which has further helped Apollo’s stay above water.” (“How PPP saved local businesses,” Richmond [KY] Register, 8/02/2020)

• WES BROWNE, Apollo Pizza Owner: “It would have been really hard for us to get through without it…. For us it was crucial. I hope it found its way to the people that need it.” (“How PPP saved local businesses,” Richmond [KY] Register, 8/02/2020)

COLORADO: “A bridge was exactly what the relief loan provided for Bob Starekow, the co-owner of two restaurants in Frisco, Colo., a resort town with heavy winter and summer tourism. The P.P.P. loan he got in May allowed him to keep paying his 28 workers while his restaurants, the Silverheels Bar & Grill and Kemosabe Sushi, were closed. They reopened in June, and business is running profitably, although at a smaller scale, Mr. Starekow said. To cut costs, he slashed his menu. His restaurants could seat about 200 people indoors, but are now mainly using their 90 outdoor seats. Mr. Starekow has not had to lay anyone off, but he has not hired the 20 or so additional people he normally would to handle the summer demand. He worries about what cooler weather will mean for foot traffic.” (“Amid Dire Jobless Numbers, Small-Business Relief Program Nears End,” The New York Times, 8/06/2020)

NEW YORK: “[S]mall-business owners that wagered Congress would loosen the PPP rules are among those benefiting from the new flexibility. Joseph Torres, a dentist in Yonkers, N.Y., received a $30,500 PPP loan in early May, but initially left the money in the bank because his practice couldn’t open until June. His bet paid off. ‘I held on to it thinking that eventually they would come around,’ said Dr. Torres, who has three employees. ‘It is a good program overall now that they have made the corrections.’” (“Small Businesses Raced To Spend PPP Funds But Covid-19 Pandemic Drags On,” The Wall Street Journal, 6/26/2020)

MISSOURI: “Midwest BankCentre has made a concerted effort to issue Paycheck Protection Program (PPP) loans to small borrowers, and it's paid off for the bank and for minority-owned businesses in poorer neighborhoods, as well as faith-based organizations and nonprofits. Midwest BankCentre has processed more than 1,300 PPP loans totaling $200 million, and more than 1,000 of them  — almost 80% — were in amounts of less than $150,000, with 99% approval. The small business borrowers employed an average of 20 workers. … The bank's other focus was disadvantaged businesses, including minority-owned businesses in low-income neighborhoods.” (“Midwest Bankcentre Finds Success With Smaller PPP Loans To Lower-Income Borrowers In St. Louis,” St. Louis Business Journal, 7/21/2020)

• MARSHA BENNEY, Midwest BankCentre Chief Operating Officer: “It was a strategy to get as many businesses funded as possible before the money ran out… We were intentional about reaching out to faith-based and nonprofit businesses. Their services are essential.” (“Midwest Bankcentre Finds Success With Smaller PPP Loans To Lower-Income Borrowers In St. Louis,” St. Louis Business Journal, 7/21/2020)

OKLAHOMA: “[Alicia Wade of Oklahoma City’s Valliance Bank] said her staff worked 14-hour days when PPP began. She said she was hoarse by the end of the first week, after going through applications with carpenters, contractors, restaurant owners and dozens of others. All in all, she said, ‘I believe the program has worked, regardless of its ease of use.’” (“Following Messy Start, Enormous Paycheck Protection Program Shows Signs Of Buttressing Economy,” The Washington Post, 6/10/2020)

TENNESSEE: “Brigitte Edwards, the owner of four Orangetheory Fitness studios in the Nashville, Tenn., area, brought back more than 50 workers in mid-April after she received four PPP loans totaling roughly $500,000. ‘I am a pretty serious rule follower,’ said Ms. Edwards. ‘I was aiming for full forgiveness during the eight-week period.’ Some Orangetheory employees taught online classes, but most were tasked with calling and texting customers…. Ms. Edwards … felt it was her responsibility, as a PPP recipient, to keep her staff off the unemployment rolls.” (“Small Businesses Raced To Spend PPP Funds But Covid-19 Pandemic Drags On,” The Wall Street Journal, 6/26/2020)

WASHINGTON, DC: “When Genevieve Villamora left her house for the first time after battling the novel coronavirus for six weeks, she was struck by how much her neighborhood had changed -- "For Rent" signs plastered on storefronts, one block after the next. Villamora is co-owner of Bad Saint, once deemed the second best restaurant in the U.S. by Bon Appetite. The line to get a table there, in the trendy Washington, D.C., neighborhood of Columbia Heights, used to stretch down the block. But not now. Not as Villamora watches her neighborhood become a shell of its former self…. In late April, Villamora's restaurant secured a lifeline -- a loan from the Paycheck Protection Program. If used just to pay a skeleton crew, with 75% of her staff cut since March, Villamora's loan, she said, will help her last through the end of the year. She and her staff are focused on covering costs, never mind turning a profit. They're still standing. For now.” (“With PPP Ending, Struggling Small Businesses Seek New Lifeline,” ABC News, 8/08/2020)

MID-ATLANTIC: “For some businesses, the push to spend has had unexpected payoffs. Sandeep Thakrar, the president of Neema Hospitality, which owns a dozen hotels in the mid-Atlantic region, brought back 150 of his roughly 200 workers, even though five hotels were temporarily closed. ‘We started deep cleaning. We went into every room, every nook and cranny,’ said Mr. Thakrar, who developed a to-do list of roughly two dozen projects for each hotel. ‘I fundamentally don’t believe we should be an unemployment center and have them sitting at home.’ Bringing back the staff pushed Neema to reopen some hotels earlier than it might have otherwise …” (“Small Businesses Raced To Spend PPP Funds But Covid-19 Pandemic Drags On,” The Wall Street Journal, 6/26/2020)

But As The Pandemic Continues, Many Small Firms Helped By PPP Funds Are Starting To Run Out Of Money

“Small businesses such as restaurants, dog-care centers and manufacturers brought back staff beginning in mid-April, believing they could get back to business. Now, many are shutting down or slashing jobs again as local officials and consumers pull back and the pandemic shows no signs of abating…. Businesses are entering this phase just as many are exhausting their rescue funds from the federal Paycheck Protection Program, a $670 billion coronavirus stimulus measure launched in April to offer loans to small firms.” (“Small Businesses Brace for Prolonged Crisis, Short on Cash and Customers,” The Wall Street Journal, 7/22/2020)

• “The mounting strain on small businesses is evident in data from hourly workers, which have shown signs of weakening after steady gains from mid-April lows. Just two-fifths of small-business employees who had worked in January were logging hours in early April, according to Homebase, a provider of scheduling and time management software. The roughly 500,000 employees it tracks are mostly hourly workers in restaurants, retailers, hair salons and other Main Street businesses…. Businesses bounced back as Covid-19 cases eased and states began reopening their economies. Three-quarters of employees who had been working as of January were clocking in by early June, according to Homebase. But then in late June and into mid-July, its data show a pullback in people working.” (“Small Businesses Brace for Prolonged Crisis, Short on Cash and Customers,” The Wall Street Journal, 7/22/2020)

WASHINGTON, DC: “Yael Krigman didn’t have to close her Washington, D.C., bakery but sales to hotels, corporate events and parties vanished and the four-month shutdown of the nearby National Zoo cut into revenue from walk-in customers. Krigman laid off staffers and rehired them when she got a PPP loan, but that money has been spent. She’s staying in business because she’s changed her product mix, focusing more on comfort foods like bagels, and selling more online. Still, Baked by Yael’s revenue is still sharply lower, and Krigman says, ‘it’s not good, and it’s definitely not sustainable.’ ‘If Congress were to allow businesses to get a second PPP loan, I would drop everything and apply immediately,’ she says.” (“Businesses Hope For 2nd Chance,” The Associated Press, 8/09/2020)

CALIFORNIA: “Chris Mittelstaedt successfully navigated his San Francisco Bay Area fruit and snack delivery business through the dot-com bust, the 2008 financial crisis and the first few months of the economic ravages of the coronavirus pandemic. But, along with many of America’s small-business owners, his hopes for a quick economic recovery have been dashed. Surging Covid-19 cases in many parts of the country and fears of additional outbreaks are forcing him to face a longer-term financial crisis. This month, Mr. Mittelstaedt laid off nearly half of the 163 workers at The FruitGuys. ‘I was in tears….I spent every day for 22 years of my professional life building a family business with people I love,’ the 51-year-old said shortly after the layoffs. ‘I either have to lay people off so I have a shot at hiring people back when we recover, or end up bankrupting the company.’ … Sales at The FruitGuys were on track to top $40 million or so this year but plunged by 90% in March as offices and schools shut. The company received a nearly $1.7 million PPP loan. Those funds are now gone. The company has rolled out a home-delivery service and organized deliveries to hospital employees, but sales remain well below pre-pandemic levels. ‘We worked as hard as we could to bring business through the door, but the money ran out before the economy was able to catch up with it,’ said Mr. Mittelstaedt, who worries it could take two years for sales to fully recover. The FruitGuys’ founder and chief executive stopped taking a salary in February.” (“Small Businesses Brace for Prolonged Crisis, Short on Cash and Customers,” The Wall Street Journal, 7/22/2020)

NEW HAMPSHIRE: “Costikyan Jarvis, president at Jarvis Cutting Tools Inc., in Rochester, N.H., said the company’s orders were down by about 50% in the quarter ended June 30, compared with the same period in 2019. ‘We really haven’t seen it come back,’ Mr. Jarvis said. The company, which manufactures tools such as taps and files, employs just under 100 workers and used PPP funds to keep them on the payroll at the beginning of the downturn. With the loan money now exhausted, Mr. Jarvis said he cut schedules for his hourly staff up to 50%, continued to pay their benefits and planned to use a workshare program that would allow the workers to collect some unemployment benefits from the state. Mr. Jarvis said he is hopeful orders during the third quarter will return to 70% or 80% of their previous level. But timing is critical. ‘If we get to a period of extended use of workshare, then we may have to switch to permanently laying off people,’ he said. ‘People can’t live on a diminished wage forever.’” (“Small Businesses Brace for Prolonged Crisis, Short on Cash and Customers,” The Wall Street Journal, 7/22/2020)

MARYLAND: “Melissa Medick, the owner of Beechnut Kennels, a pet day care and boarding business in Edgewater, Md., laid off in March seven of her 13 employees after revenue fell by 90%. When she received a $93,000 PPP loan in April, she offered all of her employees their jobs back, even though business remained slow. In June, though, with business still off by half and most of her PPP funds gone, Ms. Medick laid off four employees and cut hours for some of the others. ‘I wanted to be that good employer,’ said Ms. Medick. ‘We hung onto people two or three weeks longer than we should have based on our business.’ Ms. Medick expects to do another round of layoffs at the end of the summer because most customers are still working from home and travel hasn’t recovered, meaning there is less demand for her pet services.” (“Small Businesses Brace for Prolonged Crisis, Short on Cash and Customers,” The Wall Street Journal, 7/22/2020)

CALIFORNIA: “Lore Ledding, co-owner of High Road Touring LLC in Sausalito, Calif., had used a roughly $300,000 PPP loan to keep paying her 21 employees—even though it was clear that her business, a talent agency that helps musicians book live performances, wasn’t coming back soon. ‘When we will be open again for business, we don’t know,’ she said. By the end of June, the rescue funds were gone. The company has since furloughed about half of its staff and asked others to take pay cuts. Ms. Ledding and her co-owner husband, Frank Riley, are using the company’s cash reserves to help pay salaries for those that remain. Ms. Ledding said her company was helping lead a lobbying effort among independent talent agencies aimed at pushing Congress to include longer-term assistance for the hardest-hit small businesses in the next round of federal aid. ‘The live music industry was one of the first to close, and it’s going to be one of the last to start up,’ said Ms. Ledding. ‘Until people feel safe gathering together, it’s just not going to be our normal.’” (“Small Businesses Brace for Prolonged Crisis, Short on Cash and Customers,” The Wall Street Journal, 7/22/2020)

ILLINOIS: “Business is only 25% of normal at Coach’s Corner, a restaurant in Elk Grove Village, Illinois, that used to be crowded after Little League and high school football games. A PPP loan helped co-owner Sue Remien hire back her 18 full- and part-time staffers, but when the money ran out, she had to lay six off again. Business is limited by social distancing and unpredictable because many customers are still uneasy about dining out. ‘One day is gangbusters — everyone wants to come on a Friday night, then Saturday is nothing. I wonder if I can keep the doors open,’ she says.” (“Businesses Hope For 2nd Chance,” The Associated Press, 8/09/2020)

PENNSYLVANIA: “The loan Jim Kolea got for his truck repair business helped keep 30 staffers working although the trucking industry was hard hit by the pandemic; as manufacturers and retailers shut down, there was less need for trucks and in turn, less need for maintenance. ‘Freight definitely declined for some of our customers and therefore we lost about 50% of our business,’ says Kolea, owner of PennFleet, based in Boothwyn, Pennsylvania. With the economy struggling, Kolea’s business is still down, and having spent all his loan money, he’s hoping for a second loan.” (“Businesses Hope For 2nd Chance,” The Associated Press, 8/09/2020)

OKLAHOMA: “At A&J Transportation, a trucking company in Ada, Okla., sales are down sharply from last year, and the company is struggling to stay in the black. A&J got a $699,000 loan in April and used it to keep paying more than 70 drivers through early June. But after the money ran out, around 30 drivers quit. A&J, which used to work exclusively on oil fields, shifted to over-the-road trucking after the pandemic shut down the state’s oil production…. Now, the company is desperate for workers. ‘Any driver that wants a job, we’ll give them one,’ Ms. Sanford said. If A&J got another loan, she said, the company would use it to meet payroll costs and free up money for other expenses.” (“Amid Dire Jobless Numbers, Small-Business Relief Program Nears End,” The New York Times, 8/06/2020)

CONNECTICUT: “In early April, three weeks after Connecticut issued shutdown orders, Ken Bodenstein borrowed $148,000 from the federal government to help cover payroll expenses at the Westport day care center he runs with his wife, Kristen. The small-business loan, along with the Bodensteins’ own cash reserves, allowed the couple to continue to pay their 21 workers for nearly three months. But by June 5, the day the money ran out, only 11 of the 75 children who attended the day care before the pandemic had returned, forcing the Bodensteins to furlough or lay off all but nine employees. ‘We were just about to hit break-even, and then everything collapsed,’ Mr. Bodenstein said. The Goddard School of Westport had been open less than a year when the pandemic hit…. Mr. Bodenstein also said a second round of funding would be a godsend for his day care center. For the two months it was closed, his school had zero revenue, but his landlord refused to defer or discount the space’s $30,000 monthly rent. Utilities, insurance and other expenses add $10,000 more to his monthly overhead. A $150,000 disaster loan from the S.B.A. helped him catch up on bills and stave off the eviction notice his landlord sent after he fell two months’ behind, but he’s still trying to dig out from the crater left by the shutdown.” (“Amid Dire Jobless Numbers, Small-Business Relief Program Nears End,” The New York Times, 8/06/2020)

WASHINGTON, DC: “Kathleen Donahue owns Labyrinth Games and Puzzles, but before March, it offered much more. The white brick store on Pennsylvania Avenue, replete with stacks of brightly colored board games, also hosted neighborhood gatherings -- children's parties and trivia nights. Donahue said the $100,000 in PPP she received went almost entirely to payroll expenses during the months she couldn't allow customers inside. That money's gone, and even with limited in-store shopping now allowed, she can't host events that helped land additional customers. ‘We had to refund all of our summer camp money. That was pretty huge,’ Donahue said. ‘Unless we can maintain better sales than we had in July, or get more help, it's going to be very hard to pay rent and maintain the staff that I have currently for the rest of the year.’” (“With PPP Ending, Struggling Small Businesses Seek New Lifeline,” ABC News, 8/08/2020)

PENNSYLVANIA: “Georgie Lou's Retro Candy store is one of 5 million small businesses that received an emergency loan from the federal government's Paycheck Protection Program. But like many mom-and-pop shops, the money is nearly out and customers haven't returned. The downtown Carlisle, Pennsylvania, store is now selling its gummy worms, Bazooka gum and Harry Potter chocolate frogs online -- but sales are down 75% compared to last year…. Now, Gilbert is waiting to see if she gets approved for a grant from the state and county. She had planned to reopen the storefront when Pennsylvania allowed retail to do so. But as coronavirus cases continued to rise, Gilbert decided it wasn't worth the health risk to her family. ‘We don't have the ability to hang on for months as everything gets into place,’ Gilbert added.” (“For Many Small Businesses, Federal Loan Money Has Already Run Out, CNN, 8/06/2020)

OREGON: “Michael Gibbons, co-owner of three restaurants in Portland, Ore., with his wife, Evelyn, reduced his staff in mid-March to 10 from 97 after shifting to takeout and delivery. The business experimented with outdoor dining on Father’s Day, but scrapped it. ‘Some guests are just not compliant with safety measures,’ he said. Staffing was a hurdle too, as former employees were reluctant to return because they were concerned about their safety and earning more by collecting unemployment benefits, he said …” (“Small Businesses Brace for Prolonged Crisis, Short on Cash and Customers,” The Wall Street Journal, 7/22/2020)

Small Business Advocates: ‘The PPP Was A Lifeline For Small Businesses … Unfortunately, Many Small Business Owners Are Still Struggling To Survive,’ ‘There Are A Number Of Small Businesses In Our Network That Cannot Survive Even One More Month At The Current Rate Of Business Without More Help’

“‘There were challenges at the outset but once it got up and running, it really did what it needed to do,’ says Chris Netram, a vice president at the National Association of Manufacturers, an industry group whose members include thousands of small businesses. But, he noted, many manufacturers need more help.” (“Businesses Hope For 2nd Chance,” The Associated Press, 8/09/2020)

“‘The PPP was a lifeline for small businesses, helping them navigate through the worst of the health and economic crisis,’ said Holly Wade, director of research for the National Federation of Independent Businesses. ‘Unfortunately, many small business owners are still struggling to survive. The remaining PPP funds would be a huge help for those who still need additional financial assistance to get through the crisis.’” (“The Paycheck Protection Program Expires Today. The Future Of The Small Business Rescue Plan Is In Limbo As Stimulus Talks Stall,” USA Today, 8/08/2020)

“‘PPP is about to expire, and Congress is not prepared to provide any additional help to small businesses on the brink of collapse,’ said John Arensmeyer, founder and CEO of Small Business Majority, an advocacy group which claims a membership of 65,000 nationwide. ‘There are a number of small businesses in our network that cannot survive even one more month at the current rate of business without more help.’ A survey of its members by the organization found that 80% of small business owners would like to take a second PPP loan. Without a second loan or other stimulus relief, nearly half – 44% – of members said they would be unable to survive another six months.” (“The Paycheck Protection Program Expires Today. The Future Of The Small Business Rescue Plan Is In Limbo As Stimulus Talks Stall,” USA Today, 8/08/2020)

“A survey released Thursday by the Independent Restaurant Coalition found that most say there’s a 1-in-3 chance their business won’t survive beyond October.” (“The Paycheck Protection Program Expires Today. The Future Of The Small Business Rescue Plan Is In Limbo As Stimulus Talks Stall,” USA Today, 8/08/2020)