FOR IMMEDIATE RELEASE
Statement by Frank Knapp Jr., Small Business for America’s Future co-chair and Co-Founder and CEO of the South Carolina Small Business Chamber of Commerce, about how reports out today showing big business received millions in tax breaks from coronavirus stimulus bill underline why 84% of small businesses surveyed by Small Business for America’s Future believe leaders favor big business over small business
Washington, D.C., June 18, 2020—As the president sat down with governors today to discuss the reopening of small businesses across the country, new reports showing large corporations reaped millions in tax breaks from the Cares Act while small businesses have struggled to survive underline why the majority of small businesses mistrust leaders in Washington to put their needs above big corporations.
An online survey of 1,211 small businesses in Small Business for America’s Future’s network, released this week, found 81% of small businesses don’t think America’s leaders understand the needs of small business, 84% think our leaders favor big business over small business, and 57% believe the Trump Administration’s policies favor big business over small business.
The Trump Administration’s botched rollout of the Paycheck Protection Program scared many small businesses away from using the crucial funds and many of the smallest, most vulnerable businesses–specifically minority-owned businesses–haven’t been able to access the funds at all because they don’t have relationships with banks and other lenders. Millions of small businesses have been left behind and it’s having a disastrous effect on Main Streets across America.
The National Bureau of Economic Research found 3.3 million small businesses permanently closed between February and April, with black and minority-owned businesses bearing the brunt.
Policymakers’ actions have spoken much louder than their words, and small businesses are tired of lip service. Small businesses need our leaders to put together a fair and equitable Covid-19 recovery plan that truly supports Main Street.
About Small Business for America’s Future
Small Business for America’s Future (formerly Businesses for Responsible Tax Reform) is a coalition of small business owners and leaders nationwide working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize Main Street by advancing an economic framework that works for small businesses and their employees. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF