In early July, Congress pushed back the deadline for the Paycheck Protection Program (PPP) to August 8, giving business owners an extended opportunity to apply for COVID-19 Small Business Administration loans. It was an important, common sense step, but begs the question:
What’s next?
New and small businesses are still hurting, and the next phase of relief must go further to meet the needs of business owners everywhere — including those entrepreneurs who didn’t qualify for PPP loans. We’ve outlined short- and long-term steps in Rebuilding Better and have seen and heard movement from members of the Start Us Up coalition on the road ahead.
June jobs report shows recovery, but small business owners still need urgent cash assistance to survive
David Chase, Small Business Majority’s vice president of national outreach, wrote an op-ed for MarketWatch, putting in context the economic realities for small business amid a recent uptick in employment. Highlighting shortcomings of PPP lending, Chase emphasizes the need for “immediate cash assistance, through grants and direct payments to individuals that allow people to spend money in the ways they need.”
We also invite you to read Small Business Majority’s COVID-19 policy agenda.
Coalition of Leading Business and Policy Groups Call for New Phase of Small Business Relief
The Economic Innovation Group and several other members of Start Us Up sent a letter to Congressional leadership, outlining the four core features needed in the next phase of emergency small business relief, including:
- Zero-interest loans
- Long-term loan maturity
- Overall administrative simplicity
- Flexibility to use the loans to cover a wide range of expenses and to improve the underlying resiliency of the business
5 Things Small Businesses And Their Workers Need To Survive COVID-19 Beyond PPP
Last month, when Congress first convened to consider changes to the PPP, Rhett Buttle, founder of Public Private Strategies, penned a column in Forbes about the extensive needs of small businesses in these times. With Congress having simply extended the PPP deadline, the need remains for expansive reform — from health care to childcare.
Rising Tide Capital to partner with PayPal on $5M small business grant program
And finally, demonstrating the incredible role entrepreneurship support organizations have played in stepping up to provide small business relief, New Jersey-based Rising Tide Capital recently announced it was partnering with PayPal to distribute $5 million to Black and underrepresented minority businesses and communities. Support includes assistance navigating the PPP application process, as well as other grants, loans, and advisory services.