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Small Business News
Along with PPAI, letter signatories include IFA, the American Bankers Association, the American Farm Bureau, the American Hotel and Lodging Association, Associated Builders and Contractors, Consumer Bankers Association, Economic Innovation Group, National Association of Home Builders, NFIB, National Restaurant Association, National Retail Federation, Small Business and Entrepreneurship Council, Small Business Majority, U.S. Chamber of Commerce, and the U.S. Travel Association, among others.
The Colorado Coalition for Healthcare Options includes advocates such as the Colorado Consumer Health Initiative, Healthier Colorado, the Colorado Chapter of the Committee to Protect Medicare, the Colorado Children’s Campaign, One Colorado, Good Business Colorado, Small Business Majority, the Colorado Fiscal Institute, Centennial State Prosperity, Young Invincibles and the American Diabetes Association.
The implementation of the program, says John Arensmeyer, the CEO of the Small Business Majority, an advocacy group that represents more than 65,000 independent companies, was structurally flawed. Because PPP required banks to act as intermediaries, it created a dynamic wherein larger, more established companies—often with existing relationships and lines of credit with banks—received funds before smaller operations, who feared their collapse was imminent.
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"We applaud Commissioner Lara's efforts to address the needs of California's small businesses as they continue to face setbacks from the pandemic," said Mark Herbert, Managing Director of California for Small Business Majority. "Every dollar counts during this challenging time, which is why it's important that commercial insurance companies share data about the amount of premiums they've returned to their small business clients.
But as bad as the overall scene is, for minority-owned businesses the picture is even bleaker. A survey released on Jan. 27 by advocacy group Small Business Majority found that almost 1 in 5 Black and Hispanic entrepreneurs expected to permanently close their business over the course of the next three months – a rate higher than for white business owners. It comes on the back of a report by the Federal Reserve of Cleveland that suggested that the impact of the coronavirus could be over two times larger for Black- and Hispanic-owned businesses than for white-owned enterprises.
The bill has the support of several stakeholders, including Virginia AARP, Virginia Poverty Law Center, American Heart Association and Small Business Majority and several other groups.
Awesta Sarkash, government affairs manager for Small Business Majority, lauded the passage of the bill, which should stabilize premiums in the individual market place.
It’s still not a perfect program. John Arensmeyer, the founder and CEO of Small Business Majority, an advocacy group that represents more than 80,000 independent companies, said the “vast majority” of his members who had been approved for these loans during this period had yet to receive them. “Larger businesses do get their loans more quickly, because they are able to pay for processing much faster and they have existing relationships with banks” he says. But Arensmeyer says these recent modifications will still be a “significant help.”
“I think the need is definitely out there,” said John Arensmeyer, chief executive of the Small Business Majority, an advocacy group. “I just think it takes time, particularly for people who aren’t well-banked and who aren’t really well-connected to the system, to navigate it,” he added.