Good news, but liability, unemployment insurance increases need addressing
PHOENIX, May 5, 2020—From Chad Heinrich, NFIB Arizona state director, on today’s release of the latest survey of NFIB small-business-owning members showing the Paycheck Protection Program (PPP) popular among small businesses, with 77% of owners reporting they have successfully submitted an application and 61% saying they’ve received the funds.
“This is a welcome sign from business owners who now, after some delays, are getting access to much-needed relief. Small businesses also tell us that they need protections from legal traps as they re-open to customers and bring employees back to work.”
From Holly Wade, NFIB Director of Research & Policy Analysis
“After the second round of funding, many more small businesses were able to apply and receive funding from these federal loan programs. Now, business owners need guidance on how they can spend these funds in order for them to be forgiven.”
- NFIB President and CEO Brad Close letter to Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza–“Small business owners should not be penalized due to the current lack of regulatory clarity. Most small business owners are planning to take full advantage of loan forgiveness rather than using the funds as a low interest loan over 2 years. NFIB requests SBA issue an Interim Final Rule on forgiveness as soon as possible.”
Keep up with the latest on Arizona small-business at www.nfib.com/arizona or by following NFIB on Twitter @NFIB_AZ
For more than 75 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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