Colorado’s small-business owners would benefit in two ways
DENVER, July 2, 2020—Colorado’s leading small-business association today wholeheartedly endorsed Sen. Cory Gardner’s introduction of his Paycheck Protection Program Extension and Modification Act of 2020.
Introduced yesterday in the U.S. Senate, Gardner’s legislation would allow businesses that have already received a Paycheck Protection Program loan to apply for a second loan and extend the deadline to apply for the second PPP loan to the end of the year. The first deadline for applying expired June 30, though Congress just approved an extension to August 8.
“Senator Gardner’s bill deserves focus as Congress considers the next COVID-19 response legislation,” said Tony Gagliardi, Colorado state director for NFIB. “Nearly half of small business owners who received recent financial assistance anticipate needing additional support in the next twelve months.”
As of a June 23 release of poll results from its small-business owning members, NFIB found 97% of applicants had received their PPP loans and that “most PPP borrowers are still using their loan but over the next few weeks, more will have exhausted their funds and will be ready to apply for loan forgiveness.” Those few weeks are now here.
“This year has not been a fun roller coaster ride for small business,” added Gagliardi. “First, there was initial turbulence in receiving PPP loans and continued delays related to Economic Injury Disaster Loans, then the worry over meeting deadlines for forgiveness of the loans and how much could be spent on payroll until the Paycheck Protection Program Flexibility Act of 2020 went into law only last month, then governors started reopening their states only to later limit or close them back down again. Oh, and by the way, neither Congress nor the Colorado General Assembly has done a single thing to help small businesses with liability protection against COVID-19 lawsuits from potential plaintiff claims of having contracted the virus at a place of business, although that is nearly impossible to prove.”
Gagliardi called Senator Gardner’s bill the right shot in the arm for what badly ails the economy now. It and liability reform.
Keep up with the latest Colorado small-business news at www.nfib.com/colorado or by following NFIB on Twitter @NFIB_CO or on Facebook @NFIB.CO
For more than 77 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 its 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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