Media Contact
Conan Knoll
conan@emcstrategies.com
(831) 524-6764
Statement by Frank Knapp, Jr., co-chair of Businesses for Responsible Tax Reform (BRTR) and CEO of the South Carolina Small Business Chamber of Commerce
Washington, D.C., April 23, 2020—Congress recognized small businesses need more financial help to weather the COVID-19 pandemic with their vote to add $320 billion to the Paycheck Protection Program (PPP), but failed to ensure the money will be delivered swiftly and equitably to the Main Street small businesses that need help the most.
Setting aside $60 billion for underbanked small businesses to be distributed via Community Development Financial Institutions and other organizations with ties to underserved small businesses will help ensure that our most vulnerable entrepreneurs have a shot at getting a PPP loan. However, Congress should have done more to prevent large companies with other means of raising capital from taking money from a program meant to help small businesses experiencing an existential crisis.
The best overall solution for small businesses would have been grants with no strings attached. The emergency funds need to be easy to access and should not require them to take on debt to stay open. Our mom-and-pop shops need tools that enable them to survive while doing their part to prevent the spread of COVID-19. A weekend snap survey of BRTR’s small business network found 71% of the more than 500 respondents said they have less than a month of cash reserves.
Failing to get money to Main Street small business owners will have very real consequences for the country. About half of all American workers in the private sector are employed by our 30 million small businesses. More than 26 million people have landed on the jobless rolls as a result of this crisis. We need to do better for small businesses and their workers or those numbers will continue to climb and our communities will be forever changed for the worse.
To schedule an interview: Contact Conan Knoll, conan@emcstrategies.com, (831) 524-6764.
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About Businesses for Responsible Tax Reform Businesses for Responsible Tax Reform is a coalition of business leaders calling for policies that truly benefit America’s small business owners. We are dedicated to ensuring policy reform is fiscally responsible, creates a level playing field for all businesses, grows the economy and works for our nation’s 30 million small business owners. Learn more about us on our website and follow us on Twitter and Facebook.