Good news, but liability, unemployment insurance increases need addressing
SANTA FE, N.M., May 5, 2020—From Jason Espinoza, NFIB New Mexico 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
“I am delighted to hear that small-business owners across the nation were able to access much-needed capital during the second round of PPP loans. However, small businesses still need the state and federal government to address liability concerns to encourage more small businesses to re-open and the federal government needs to prepare to assist states address dwindling unemployment insurance trust funds so that small businesses aren’t hit with a dramatic tax increase to keep the funds solvent.
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 New Mexico small-business at www.nfib.com/new-mexico and by following NFIB on Twitter @NFIB_NM.
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.