WASHINGTON, D.C. (April 23, 2020) — The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, issued the following statement on behalf of NFIB President Brad Close, following the U.S. House of Representative’s passage of the Paycheck Protection Program and Health Care Enhancement Act:
“We are pleased that, at long last, Congress has approved much needed funding for the Paycheck Protection Program and Economic Injury Disaster Loan programs. In particular, NFIB is very appreciative of the administration and small business champions in the Senate who urged quick passage of these funds nearly two weeks ago.
NFIB is fully expecting that this new round of small business assistance will go to small businesses who need it the most, not publicly traded companies and large businesses that have access to other credit options. Going forward, NFIB is calling for more flexibility in a number of areas to make it easier for small business owners to support their businesses and their employees through this crisis. This includes the removal of the SBA requirement that 75% of PPP loans be used for payroll costs in order to be forgiven, a threshold that is far too high for very small businesses to meet.
It has been three weeks since our research told us that half of small businesses said they will last no longer than one to two months in current conditions, so this funding is welcome news for many. We will continue to work with policymakers to help ensure small businesses have access to the funding that is intended for them and repeat our call that these funds be disbursed without discrimination based on banking relationships and or size of the business.”