I started my auto repair shop in hopes of creating jobs. When COVID-19 hit, the Paycheck Protection Program (PPP) was created to save those jobs. However, a lack of planning and foresight on the part of Congress left me employee-less. As Congress considers the next round of emergency relief, they must listen to the challenges real small businesses like mine are facing.
Small Business News
“No geral há enormes buracos e inconsistências nas informações”, disse John Arensmeyer, presidente executivo da Maioria dos Pequenos Negócios (Small Business Majority em inglês), um grupo de defesa, na sua declaração. Ele afirmou ainda que muitos pequenos negócios ao que parece receberam menos do total de emprétimo que solicitaram, inluindo aí mais de 1.200 companhias que receberam menos de US$100.
"As the largest stimulus program in our nation’s history, PPP must receive proper oversight and transparency," John Arensmeyer, the founder and CEO of the small business advocacy organization Small Business Majority, said in a statement. "The survival of America’s small businesses depends on the full disclosure of PPP’s successes and failures."
John Arensmeyer, the CEO of the national small business advocacy group Small Business Majority, said in a statement that 1 of every 4 small businesses in its network reported receiving a lower amount than it requested and that the data released July 6 is a "far cry" from an accurate representation of the program.
John Arensmeyer, founder and CEO of the small business advocacy group Small Business Majority, called for the release of more information about loan recipients, as did Senate Minority Leader Chuck Schumer, ABC News reports.
“Sunlight has always been the best disinfectant, and we cannot allow those small businesses that were grossly underfunded or disadvantaged by the program to disappear and not have their stories told and rectified,” Arensmeyer said.
“Other trade groups signing the letter include Small Business Majority…”
A copy of the letter is available here and below is a full list of signatories, representing thousands of banks, credit unions, financial institutions, and businesses of all sizes:
Small Business Majority
Small Business Council of America (SBCA)
Small Business Legislative Council (SBLC)
Small Business Investor Alliance
Small Business Majority
"Serious questions remain about whether PPP funds were equitably distributed to minority-owned businesses, and there is an alarming rate of small-dollar loans", John Arensmeyer, founder and CEO of advocacy group Small Business Majority, said in a statement.
A survey earlier this month by Small Business Majority estimated that nearly six in 10 of respondents are “currently struggling” to make their commercial rent or mortgage payments. Meanwhile, 68 percent of small businesses in Small Business Majority’s network have received a PPP loan, but nearly one in four who received a loan (23 percent) did not receive the full amount they requested.
The nationwide organization Small Business Majority released a statement Monday that serious questions remain about how well the federal relief has served the "smallest, most vulnerable businesses" during the coronavirus pandemic, and that some struggling businesses have received a pittance through the PPP. It noted that in California, more than 2,500 small businesses received less than $1,000, including some receiving as little as $1.