NFIB Statement on Small Businesses Being Shut Out of Paycheck Protection Program Loans

Date: April 03, 2020

WASHINGTON, D.C. (April 3, 2020) — NFIB, the nation’s leading small business advocacy organization, issued the following statement from NFIB President Brad Close in response to the rollout of the Paycheck Protection Program loans:

“We are hearing from far too many small businesses, today, that they are being shut out of the Paycheck Protection Program forgivable loan program. Small businesses make up half of our economy and employ nearly half of all workers, but this has the potential to be the last straw for many small businesses and their employees. 

NFIB research out this week indicates that half of all small businesses cannot last more than one to two months under current conditions. Banks and other financial institutions need to do everything in their power to get these loans out the door to Main Street businesses now, whether or not the small business is an existing customer, or a new customer. And our government agencies have to ensure that all banks and financial institutions have the guidance they need to make these loans immediately.   

“Every day without access to the PPPL program means more lost jobs and more shuttered businesses. America’s small businesses are facing an economic crisis that is not of their making. These small businesses did their due diligence and were ready this morning, but are hearing “no.” The current delays are unacceptable, and hurt those that need the help most – very small businesses that find themselves in the worst of financial circumstances.

“We urge banks and government agencies to get this problem solved immediately, so they can stem the tide turning against small businesses and their employees.”

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