Good news, but liability, unemployment insurance increases need addressing
SALT LAKE CITY, Utah, May 5, 2020—From Candace Daly, NFIB Utah 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 good news that the PPP pipeline is finally flowing and small-business owners are getting their money. Now, the next tasks are for the state and the federal government to address liability concerns to encourage more small business re-openings and for the federal government to prepare to help states with their unemployment trust funds so small-business owners aren’t hit with a tax increase for the program upon their return.”
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 Utah small-business news at www.nfib.com/utah
NFIB is the voice of small business, 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 www.nfib.com/utah.