Amidst reports that small business owners around the country are waiting days and weeks to receive their Economic Injury Disaster Loan (EIDL) funds and that borrowers are not receiving their loan advances as required by the recent stimulus package, Small Business Majority sent a letter to the U.S. Small Business Administration demanding that they address this issue and ensure better communication and efficiency in the loan process.
Today, Small Business Majority submitted comments to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation regarding proposed rules changes to the Community Reinvestment Act. Some of Small Business Majority's concerns include that these proposed changes would negatively impact underserved entrepreneurs in low and moderate income (LMI) communities and disincentive banks from making qualified smaller-dollar loans that are the lifeblood of small businesses.
A growing number of small businesses nationwide are calling on Congress and the Administration to provide a massive and bold stimulus package for Main Street.
On March 22, Small Business Majority sent a letter to Senate and House leadership calling on Congress to provide immediate grant assistance to small businessses being harmed by COVID-19.
As cases of COVID-19 continue to rise throughout the country, so does its impact on our economy. From stock market dips to decreased foot traffic in thriving neighborhoods, it's vital that our federal and state officials enact short and long-term policies that will offset these effects, particularly for our small business community, whose success is critical to our nation's economic health. Focusing on key policy issues will help support America's job creators.
Colorado Director Hunter Railey testifed in support of the Colorado Affordable Health Care Option, which would ensure that Colorado's entrepreneurs and small business employees have access to more affordable health coverage choices, while also helping to control costs throughout the state.
Small Business Majority submitted a letter of support to Chairman Gerg Harris (IL-D) on HB 4094, which would extend short-term, limited duration health insurance from the current 181 days to 365 days with the chance to renew coverage for up to three years.
Small Business Majority submitted a letter of support to the House Committee on Finance on HB 1109, corporate income tax; combined reporting requirements; disclosures. Currently, many multi-state corporations are able to take advantage of accounting measures to reduce their state tax bills by shifting their profits to a state that tax it at lower rates, giving them an unfair advantage over small businesses. HB 1109 would level the playing field for small businesses in Virginia that are unable to use loopholes to lower their tax bills.
On January 27, 2020, Small Business Majority's Government Affairs Manager, Awesta Sarkash, testified before Virginia's Senate Committee on Commerce and Labor, in support of SB 404, health insurance; short-term limited-duration medical plans. Protecting the individual marketplace is important to entrepreneurs because many self-employed individuals and small business employees rely on the marketplace to purchase coverage.
Today, Virginia small business owner, Sandra Leibowitz, submitted a letter of support for HB 825 and SB 770, paid family and medical leave program. Implementing this state-run leave program helps small businesses to compete with larger companies by retaining employees while allowing those who need time off to take it without worrying about the cost.