As Congress continues to debate the next round of stimulus relief, Small Business Majority surveyed its national network of small business owners to gauge their views on key small business proposals currently on the table. The survey results highlight a number of issues that need to be taken into consideration while finalizing these proposals and reveal that the clock will run out for many of our nation’s small businesses if help doesn’t arrive soon.
Access to capital
Today, 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.
Daisy Bedoya was already struggling to make ends meet when the coronavirus pandemic forced her to close her business for a few months, leaving her with mounting debt. Graphx Designs and Concepts is a graphic design company that creates posters, LED light displays, window lettering and more in Largo, Florida.
Today, Small Business Majority submitted a letter to Congressional leadership urging them to include S. 4117, the Paycheck Protection Small Business Forgiveness Act, in the next relief package. This bill would provide automatic forgiveness for all Paycheck Protection Program (PPP) loans under $150,000, while also ensuring fraud protections are in place. Loans under $150,000 represent only 26% of the PPP funds disbursed, and the overwhelming majority of these loans likely went to the most vulnerable, COVID-19 impacted businesses.
Two heads are better than one, and Mar Y Sol Alvarado and her husband Alfred are a clear example of this adage. As the owners of Alro Window Coverings—an installation service company in Mountain View, Calif.—Alfred brings his entrepreneurial knowledge to the table, matched with Mar’s business development experience from working in nonprofit organizations for more than 10 years.
Small Business Majority submitted written testimony for the record for the House Committee on Financial Service's Subcommittee on Diversity and Inclusion's, "Access Denied: Challenges for Women- and Minority-Owned Businesses Accessing Capital and Financial Services" hearing. The contributions of entrepreneurs of color and women to our local and national economies cannot be overlooked.
Lisa Romer King’s business plan was born while studying for her M.A. in Business Management when a professor tasked her with writing a business proposal. The assignment sparked something in Lisa and she decided she had to follow through on her idea and bring King's Professional Networking and Placement to life.
For the past three years, Lisa has been running the business she dreamed of out of Lauderhill, Florida where she serves as a mediator, public notary, credit educator and business advisor to members of her community.
As the Paycheck Protection Program neared its expiration, Small Business Majority surveyed its national network of small business owners to better understand how businesses have benefited from PPP. The survey reveals a majority of small businesses have received a PPP loan, but many are still struggling with their overhead costs and will likely be forced to lay off their employees again once their funding runs dry. This is particularly true for small businesses owned by people of color.
On 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.
Sherry Spellers combined her two passions to create a small business success story: a knack for repurposing old trinkets, with the desire to make women look and feel beautiful.
Her journey as a hairdresser was marked from an early age, when a traumatic incident caused Sherry to lose her hair. “I felt so ugly and ashamed. I knew in that moment that I wanted to help women feel good about themselves, and hair was a great way to do that,” says Sherry.