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Poll Shows More Help is Needed from Washington

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Poll Shows More Help is Needed from Washington

This article was taken directly from the US Chamber's daily email update to its members. There is also another interesting article on the same topic provided by Inc.com
     
 

Developments That Matter

  
     
 

Small Business Coronavirus Impact Poll Shows More Help is Needed from Washington

 
 
  7 in 10 Small Businesses are preparing for a second wave
As the pandemic continues, it is encouraging to see policymakers keep their focus on helping small business. 
Where we stand. The House-passed HEROES Act contained several provisions to help small business and on Monday, Sen. Marco Rubio (R-FL), who chairs the Small Business & Entrepreneurship Committee, released his proposal to help Main Street weather COVID-19.  Since we have seen almost unanimous bi-partisan support on four major small business legislative packages since March, I am optimistic that small business relief measures, including a COVID-19 lawsuit safe harbor, will make it to the President’s desk for signature.
What’s in the bill? Chairman Rubio’s legislation:
  • Extends a second round of Paycheck Protection Program (PPP) loans to the hardest hit small businesses and opens the program to local and state chambers of commerce;
     
  • Expands PPP forgivable expenses to include personal protective equipment (PPE) and other expenditures and provides borrowers with a simplified check-the-box certification for PPP forgiveness on loans under $150,000; and
     
  • Creates a new longer-term SBA low interest loan program intended to reach businesses in low-income census tracks to address the credit gap experienced by entrepreneurs in under-banked communities.
Why it matters. Today’s MetLife & U.S. Chamber of Commerce Small Business Coronavirus Impact Poll provides policymakers with up-to-date data on how small businesses are doing and certainly bolsters the need for Congress to pass a relief package that prioritizes small business.  While today’s poll has plenty of good news, such as 86% of small businesses having re-opened, the poll shows some headwinds like 65% of small business owners who are concerned about having to close their business in the wake of a second coronavirus wave.
The comfort small business owners have with their cash flow has leveled off, with 55% percent reporting satisfaction, just one percentage point difference since late May.  The need for additional federal aid becomes obvious when comparing cash flow satisfaction with last year’s average which measured above 80% for all four quarters.  With regard to PPP forgiveness, 64% expressed concern with how the process will work when they have to submit applications to SBA at the end of their loan period.
I’ll close with a thank you to small businesses that are growing and innovating through the pandemic (11% of small businesses report they added employees since March) and the entire small business community that remains optimistic for 2021, with 35% anticipating increased investment next year, up 8 percentage points since late May.
Read more. The Economist interviewed Flags of Valor co-founder Joe Shamess and Paul Huszar, CEO of VetCor, on how they’re managing their small businesses during the pandemic.
—Tom Sullivan, Vice President, Small Business Policy, U.S. Chamber of Commerce		  
 
 
 
 
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