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On July 19, Small Business Majority network members Luisa Santos, owner of Lulu's Icecream in Florida, and Teresa Razo, owner of two restaurants, Villa Roma and Cambalache Grill, in California, appeared on Fox News to share about how constant changes in COVID-19 response strategies are impacting their businesses and what they hope to see from future stimulus packages.
Watch their interview »On August 5, Small Business Majority released a new network survey that details how the small business community feels about key policy proposals that Congress is debating as part of the next stimulus package. The survey also found that without additional funding, 1 in 4 small businesses won’t make it past the next three months.
Read the survey »On July 31, Small Business Majority shared a letter with Senators Rubio, Cardin, Shaheen and Collins on recommendations for changes for S, 4321, the Continuing Small Business Recovery and Paycheck Protection Program Act. S, 4321 is a starting point in addressing the lack of flexibility that small business owners who participated in PPP are facing. However, the legislation requires critical changes to provide enough comprehensive changes that entrepreneurs need to sustain their businesses.
Read the letterOn July 30, Congresswoman Nydia Velázquez introduced The Small Business Lending Disclosure and Broker Regulation Act of 2020, which will apply Truth in Lending Act protections to small business financing to protect borrowers from predatory lending practices. Small Business Majority proudly endorses this legislation as it closely aligns with the tenets of the Small Business Borrowers' Bill of Rights, which we have been advocating for since 2015. This legislation comes at a critical time as small businesses are desperate for financing to keep their business afloat during the pandemic.
On July 23, Small Business Majority sent a letter to House and Senate leadership encouraging them to include the Paycheck Protection Program Forgiveness Act in the next stimulus package. This addition would automatically forgive all loans under $150,000, preventing the most vulnerable businesses from incurring additional debt and alleviating the pressures of strict loan forgiveness guidelines.
Read the letterOn June 18, Small Business Majority called on U.S. Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza to develop an oversight mechanism of the Paycheck Protection Program (PPP). In a letter sent to the Administration, Small Business Majority proposed a straightforward approach to collecting relevant borrower information, while making publicly available only the full data of the highest 15% of borrowers. The recommendation addresses the concerns raised by the Administration and some lawmakers about protecting borrower privacy, while also conducting oversight of the program.
Read the letter
On May 9, Small Business Majority network members Majority Christin Evans, owner of Booksmith and Kepler's Books in San Francisco, and Walter Rowen, owner of Susquehanna Glass Co. in Pennsylvania appeared on Fox News to talk about their experiences as small business owners amidst the coronavirus crisis in "America's News HQ". They also discussed the limitations of the Payment Protection Program and the challenges to reopen their businesses.
Watch their interview »On May 7, Small Business Majority released "Small business needs during and after the coronavirus crisis: A roadmap recovery," a comprehensive outline of the impacts small businesses face today, how their views on policy solutions can shape recovery for Main Street during and after COVID-19 and short and long-term recommendations for a stronger small business infrastructures in the future.
Read the report »On May 5, CEO John Arensmeyer joined House Speaker Nancy Pelosi, business leaders and small business owners for a discussion on the needs of America’s entrepreneurs and small business owners during the COVID-19 outbreak. John discussed the state of small businesses today and additional policies that are vitally needed, including robust grant assistance, to ensure Main Street recovers from this crisis.
On April 14, Small Business Majority released new polling that shows how small business owners across the country are being impacted by the spread of COVID-19 and what they need from Congress and the federal government to ensure they are able to reopen after this crisis is over.
Read the report »
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