NFIB Members Can Call On Congress To Vote On Proposal With Bipartisan Support
Congress has an opportunity to quickly pass much-needed relief for small business before the election.
Kevin Kuhlman, Vice President, NFIB Federal Government Relations, called on all members of Congress to act quickly: “Small businesses need additional financial assistance and have already waited too long. This may be the difference between life and death for many on Main Street.”
Late last week in the House of Representatives, Rep. Jaime Herrera Beutler (R-WA) filed a “discharge petition,” a formal resolution which would expedite a vote on a bill to free up $138 billion in unused Paycheck Protection Program (PPP) funds for small businesses to apply for second PPP loans. That bill, authored by Rep. Steve Chabot (R-OH), is stuck in committee and needs the petition to move forward. A majority of Representatives – 218 – must sign the petition for the bill to advance. As of this writing, the petition has 181 signatures so far.
This week in the Senate, Sen. Kevin Cramer (R-ND) offered a bipartisan bill to streamline PPP loan forgiveness by unanimous consent, but there was an objection, and the effort did not succeed.
Meanwhile, negotiations between Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are ongoing for an additional comprehensive COVID-19 recovery package. Reports indicate the deal includes additional funds for second PPP loans, as well.
NFIB has already submitted two letters to Congress strongly supporting the discharge petition resolution and the standalone bill to allow for second PPP loans using existing funds. NFIB is also in close contact with key congressional leaders on the issue. If negotiations stall, a separate comprehensive relief bill is expected to pass the House this week.
The need for additional assistance is urgent. According to NFIB’s most recent survey, 47% of small business owners who received a PPP loan and/or an Economic Injury Disaster Loan (EIDL) anticipate needing additional financial support in the next 12 months.
Worse, more than 1 in 5 small businesses won’t survive another six months under current economic conditions.
The Paycheck Protection Program has been a vital financial assistance tool to over 5.2 million small businesses, helping them maintain employees and assisting with expenses such as rent, utilities, and mortgage interest. However, the program closed for new applications in early August, leaving just over 20 percent of the funds – roughly $138 billion – unspent.
NFIB will continue to fight for small business relief and provide insider insight on what’s happening in Congress and in Washington, D.C.
Your support is essential to success. Please send a message to Congress with NFIB’s help.
You can also learn more about NFIB’s Phase Four legislative priorities here.