Local Comment on House Vote to Replenish PPP, EIDL Money

Date: April 24, 2020

Nevada delegation thanked for votes to help small businesses

FOR IMMEDIATE RELEASE
Contact: Randi Thompson, NFIB Nevada State Director, [email protected] or Tony Malandra, Senior Media Manager, [email protected]

CARSON CITY, Nev., April 24, 2020—From Randi Thompson, NFIB Nevada state director, on yesterday’s vote by the U.S. House of Representatives to replenish the Paycheck Protection Program and Economic Injury Disaster Loans, which had run out of money April 16.

“There are over 250,000 small businesses in Nevada, yet only 8,600 received the Paycheck Protection loan. I’m very grateful to the Nevada delegation for supporting these additional funds for a program that is so vitally needed in our state. This funding is critical to ensuring thousands of employees don’t lose their employer.”

From NFIB President and CEO Brad Close:

“NFIB is fully expecting that this new round of small business assistance will go to small businesses who need it the most, not publicly traded companies and large businesses that have access to other credit options. Going forward, NFIB is calling for more flexibility in a number of areas to make it easier for small business owners to support their businesses and their employees through this crisis. This includes the removal of the SBA requirement that 75% of PPP loans be used for payroll costs in order to be forgiven, a threshold that is far too high for very small businesses to meet.” 

  • In a survey of NFIB members conducted March 30, about half of small employers said they can survive for no more than two months, and about one-third believe they can remain operational for 3-6 months. 
  • Results from another survey of NFIB members, released 20 days later, found about 20% of submitted applications fully processed with funds deposited in the borrower’s account, but 80% of respondents said they were still waiting, and many do not know where they are in the application process.
  • In its Cash is King: Flows, Balances, and Buffer Days, Evidence from 600,000 Small Businesses report, the JPMorganChase & Co. Institute found half of all small businesses holding a cash buffer of less than one month. “Moreover, 25 percent of small businesses hold fewer than 13 cash buffer days in reserve.” The report defined a cash buffer as “the number of days of cash outflows a business could pay out of its cash balance were its inflows to stop.”

Keep up with the latest on Nevada small business at www.nfib.com/nevada or by following NFIB on Twitter @NFIB_NV

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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.

NFIB Nevada
12575 Overbrook Dr.
Reno, NV 89511
775-830-8407
www.nfib.com/nevada
Twitter: @NFIB_NV

 

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