Otherwise good news tempered by possibly looming unemployment insurance increases
SACRAMENTO, Calif., May 5, 2020—From John Kabateck, NFIB California 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.
“It’s welcome news that the Small Business Administration’s loan pipeline seems to be running a little more smoothly, but there’s no rest for the weary small-business owner who now faces potential increases in his or her unemployment insurance taxes now that California has become one of the first states to need federal help.”
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 California small-business at www.nfib.com/california or by following NFIB on Twitter @NFIB_CA or on Facebook @NFIB.CA. The NFIB national page can be read at www.nfib.com where the first link at the very top ‘Coronavirus’ houses all of NFIB’s news releases, lobbying activities, helpful webinars, and other news.
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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