Statement by Frank Knapp Jr., Small Business for America’s Future co-chair and Founder and CEO of the South Carolina Small Business Chamber of Commerce
Washington, D.C., Aug. 4, 2020—It is outrageous that Senate Republicans are willing to further destroy the nation’s economy just to help insurance companies and big corporations avoid paying claims for legitimate employee health grievances. There is little benefit to small businesses for the liability protection they are seeking and certainly no benefit to the millions of COVID-related unemployed.
According to data from The Century Foundation, every week Congress does not pass a coronavirus relief package, over $15 billion in federal unemployment benefits will not be injected into the economy as it has been. But the real impact is even greater given that every dollar contributes $1.61 to an economy. The result will be devastating to the unemployed needing to pay necessities and small businesses that need some level of consumer demand to survive. The Paycheck Protection Program loans for small businesses also end on Saturday without a legislative extension.
Once again, big corporation interests are outweighing the interests of small businesses. Back in April, about 2 percent of small businesses were estimated to have closed for good. Today, that number might be as high as 20 percent. This is an economic disaster allowed to happen by Congressional Republicans putting the wishes of big corporations over the needs of small businesses.
About Small Business for America’s Future
Small Business for America’s Future (formerly Businesses for Responsible Tax Reform) is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize Main Street by advancing a just and equitable economic framework that works for small business owners, their employees and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.