Currently the federal Truth in Lending Act (TILA) requires that consumer creditors disclose critical financing information, including annual percentage rate (APR), in a clear and comparable format. However, Congress has yet to extend these disclosure requirements to small business loans and other credit products, which means small businesses are vulnerable to irresponsible lenders. As small businesses recover from the pandemic, it should go without saying that transparent lending shouldn’t be up for debate.
The COVID-19 pandemic has highlighted and exacerbated the failing infrastructure systems we have in this country, particularly when it comes to a lack of investment in the “care economy.” Small business owners and employees alike have struggled to afford healthcare during a public health crisis and to take care of their young and elderly family members. As small business owners and representatives of the small business community, we’ve seen firsthand that a lack of access to affordable child care, healthcare and paid leave is hampering our workforce participation and our recovery.
Over the last year and a half, small businesses like mine have been devastated by the COVID-19 pandemic. As we begin to recover and reopen, it is critical that we get the support we need to get back to normal quickly and safely. Everyday that goes by without a full return of consumer confidence, small businesses like mine are losing money. This is hurting small businesses, our workforce and local communities.
To support small businesses in every corner of America, we are calling on Congress to take bold action to ensure we can recover from the pandemic. This includes prioritizing the following measures in the American Jobs Plan and American Families Plan like physical infrastructure, broadband access, benefits and resources and small business contracting standards.
The pandemic has left America’s small businesses and entrepreneurs on the brink of collapse through no fault of our own. Join the list of small business owners and advocates from across the country that have signed this letter to urge our Members of Congress to support Main Street during and after this crisis.
The COVID-19 pandemic has left Florida small businesses reeling, with many of us unable to re-open or re-hire employees. For months, we have barely scraped by paying rent on buildings we could not occupy, supporting employees even though we didn’t know when our revenue might return and counting on our communities’ support when we should have been able to count on our government’s. If we are to recover from the loss of profits and business we faced during stay at home orders, we need your help.
The COVID-19 pandemic has left Georgia small businesses reeling, with many of us unable to re-open or re-hire employees. For months, we have barely scraped by paying rent on buildings we could not occupy, supporting employees even though we didn’t know when our revenue might return and counting on our communities’ support when we should have been able to count on our government’s.
We know many small businesses want to take care of their employees but don't have the resources to offer robust benefits, like paid family and medical leave, which can put them at a disadvantage when attracting and retaining employees. That's why we're working with Main Street Alliance, the American Sustainable Business Council and others to educate policymakers on Capitol Hill about why we need a national paid family and medical leave insurance program that would make it easy and affordable for small businesses to access paid leave. If you're interested in this effort, please sign our letter today!
Access to responsible capital is one of the most important issues facing small business owners today. Please complete our survey to share your thoughts and experiences on how access to capital impacts small business owners in America. Your feedback will help support our education and advocacy efforts on this issue.
Small Business Majority maintains a story bank that chronicles the personal experiences of small business owners across the United States. In today’s world, entrepreneurs like you often make tough decisions affecting their bottom line, and we want to hear about them. We are committed to ensuring your voice is heard by policymakers on some of the most important issues affecting small businesses so we can advocate on your behalf.