WASHINGTON, D.C. (Oct. 20, 2020) — The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, announced that it will consider a vote to advance the Continuing the Paycheck Protection Program Act, offered by U.S. Senators Marco Rubio and Susan Collins, an NFIB Key Vote for the 116th Congress in a letter sent to Members of the United States Senate.
“Across the country, small businesses are doing everything they can to keep their workers employed and their doors open during this ongoing public health crisis,” said Kevin Kuhlman, Vice President, Federal Government Relations at NFIB. “Despite their best efforts and determination, current economic conditions are putting significant stress on small businesses. According to NFIB research, more than one-in-five small business owners will have to close their doors over the next six months if conditions do not improve. Furthermore, nearly half of small business owners who received a PPP loan and/or EIDL loan anticipate needing additional financial support over the next 12 months.”
“Among the provisions included in the Continuing the Paycheck Protection Program Act is the ability for small businesses to apply for critically needed second PPP loans, something Members of Congress on both sides of the aisle agree is necessary,” Kuhlman continued. “We urge Members of Congress to set aside their disagreements on unrelated policies and pass this legislation to help small businesses immediately. Small businesses everywhere are counting on it.”
NFIB published its 12th Small Business COVID-19 survey earlier this month assessing the pandemic’s impact on small business operations, economic conditions, and utilization of the targeted small business loan programs. The first survey was published in early March 2020 with subsequent publications every 2-3 weeks.