During National Small Business Week, Congress Remains Deadlocked on COVID-19 Relief Bill While Small Businesses Continue to Close Doors

Washington, DC – Today, Small Business Majority submitted a letter to Congressional leadership urging them to pass a comprehensive and robust COVID-19 relief package as small businesses continue to face permanent closures. 

While this week celebrates National Small Business Week, new data reveals that almost 60% of business closures are now permanent. This underscores Small Business Majority’s report released in August indicating more than 1 and 4 small businesses reported that they wouldn’t survive past three months without additional relief, while 16% are considering bankruptcy. 

“For the past several months, America’s small businesses have told Congress that they cannot survive without more help and yet leadership is still deadlocked,” said John Arensmeyer, Founder and CEO of Small Business Majority in the letter. “Our nation’s small business communities are shattering as they try to navigate how to keep their doors open until our economy recovers. For many, this is an impossible task and small businesses are shutting down and shedding jobs for good. Meanwhile, Congress remains gridlocked and leadership is more partisan than ever. 

“We have shared nearly 10,000 signatures with Congress from small business owners who are treading water and are asking for help now. If that doesn’t happen immediately, our small businesses, who are the nation’s economic drivers, will continue to close for good.” 

Despite multiple bipartisan measures to extend the deadline and streamline loan forgiveness, critical changes to the Paycheck Protection Program (PPP) remain at bay. Small businesses have overwhelmingly supported simple forgiveness for PPP and Economic Injury Disaster Loans (EIDL) under $150,000, as well as other essential policies, including additional funding for CDFIs and other mission-driven lenders and a long-term, low-cost recovery sector program.