Statement by Shaundell Newsome, Co-Chair of Small Business for America’s Future and Owner of Sumnu Marketing in Las Vegas, NV
Washington, D.C., Dec. 2, 2020—Reports showing that big businesses received half of federal Paycheck Protection Program funds meant to help small businesses weather the Covid-19 pandemic, and the ongoing failure of lawmakers to pass another round of economic relief are stark examples of our national leaders failing small business owners during the biggest crisis of their lifetime.
Incompetence, political gamesmanship and big business favoritism have been the hallmark of the Trump Administration’s handling of the economic crisis brought on by the pandemic—and it has to stop now. It’s time for our leaders to do the hard work needed to pass economic relief. Failure to act now could be catastrophic for small businesses and the millions of people they employ.
A November national survey of more than 1,000 small businesses in Small Business for America’s Future’s network found 39% of small business owners say that they won’t make it past the end of the year without further financial assistance. The payroll processor Gusto estimates that small businesses have already laid off about 232,000 workers nationwide after their Paycheck Protection Program coverage period expired recently. In addition, our survey shows that 73% of small business owners say that passing financial relief for small businesses should be the top priority for our leaders.
It’s clear small businesses can’t wait any longer for help. Our leaders must put aside their political differences and provide Main Street small business owners with no-strings-attached grants and their employees with enhanced unemployment benefits to get through what is sure to be a long hard winter. If they don’t, consumer demand will collapse and many small businesses will fail, taking jobs with them and weakening chances for an economic recovery.
Lawmakers must also make sure the program reaches the truly small businesses that are suffering so we don’t continue to see the incompetence that allowed large businesses to cash in on a program meant to help Main Street.
We sincerely hope our leaders in Washington will stop playing politics, make small business a priority, ensure the relief they create doesn’t line the pockets of big business at the expense of Main Street and do what’s necessary to ensure our small businesses survive, recover, and thrive.
About Small Business for America’s Future
Small Business for America’s Future 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 the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.