NFIB: Small Businesses Need Additional Financial Assistance to Survive

Date: September 25, 2020

WASHINGTON, D.C. (Sept. 25, 2020) — The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, today released the following statement from Kevin Kuhlman, Vice President, Federal Government Relations in support of the formal resolution to allow for expedited floor consideration of H.R. 8265:

“Small business owners are working day and night to remain afloat, take care of their employees and their communities, and keep their doors open. However, the interruption of state reopening plans, coupled with concerns of lower sales for months to come, have put small business owners in an increasingly daunting situation. Small businesses need additional financial assistance to survive, something this bill will help make a reality. In addition to allowing for a second draw of Paycheck Protection Program loans, this bill would expand loan uses and simplify the loan forgiveness application process. Our research shows that more than 20% of small businesses do not believe they will survive another six months under the current economic conditions. We urge Members of Congress to sign onto the discharge petition and provide small business owners with the vital financial assistance they need.”

Despite the efforts of small businesses across the country, small business owners continue to face significant challenges. According to NFIB’s most recent survey, 47% of small business owners who received a Paycheck Protection Program (PPP) loan and/or an Economic Injury Disaster Loan (EIDL) anticipate needing additional financial support in the next 12 months.

NFIB published its 11th Small Business COVID-19 survey last month assessing the health crisis impact on small business operations, economic conditions, and utilization of the targeted small business loan programs. The first series was published in early March 2020 with subsequent publications every 2-3 weeks.

NFIB also issued its Phase Four Legislative Priorities for small business recovery, which included allowing small businesses that continue to suffer clear economic losses due to COVID-19 to apply for a second PPP loan.

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