April 20, 2020 | Small Business Relief: Add Your Voice |
Dear Main Street America Network,
Two weeks ago, we released our
research report, demonstrating the troubling horizon for the small businesses that form the backbone of our communities, with 57 percent of respondents reporting their revenues dropped by 75 percent or more due to the COVID-19 pandemic. Access to help from federal relief packages is also disturbing. Last week, the two main programs established to support businesses through the COVID-19 crisis, the Economic Injury Disaster Loan and the Payroll Protection Program, reached their funded limits, and
independent reports indicate that the vast majority of applicants have not receive funding, with businesses facing roadblocks in the application process and lack of communication.
Our businesses across the nation need quick action by the federal government to ameliorate the gulf in funding and accessibility of the CARES Act programs. Moreover, we need immediate, direct assistance to support small businesses.
Our partners at Small Business Majority are asking Congress to allocate $600 billion in direct grants to small businesses to cover payroll and operational expenses, in addition to any new funds provided to emergency loan assistance programs. In addition, their policy agenda proposes:
- Ensuring $100 million in PPP funds are set aside for Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), USDA rural development programs, and other programs that aid businesses in underserved communities.
- Providing forbearance on all small business loans, including credit card payments, for at least six months.
- Adjusting repayment due dates on property taxes and commercial rent to give needed flexibility.
Review the full policy agenda
here.
We encourage all Main Street programs and the local businesses you support to add your voice to the list of small business owners and advocates from across the country that have signed Small Business Majority’s letter.
Click here now to urge our Members of Congress to support Main Street during and after the COVID-19 pandemic.Support for our businesses and our Main Street programs will continue to be a primary concern across the network for the foreseeable future. Whether federal, state or local, we encourage you to share your advocacy story
here. As we look towards the potential to enter into a slow recovery, Main Street America will continue to amplify your story.
Sincerely,
Patrice Frey
President & CEO
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