MEDIA AVAILABILITY: Small Business Experts Available to Provide Analysis of SBA’s Newly Released PPP Application

Washington, DC – Following the release of the U.S. Treasury’s and Small Business Administration’s (SBA) Paycheck Protection Program (PPP) application and guidance for lenders and borrowers, Small Business Majority Founder and CEO, John Arensmeyer, released the following statement. Additionally, small business and lending policy experts at Small Business Majority are available for comment and analysis of SBA’s guidance and application.  

“We are pleased with the speed at which Treasury and the SBA made the PPP application available and the ease with which small business owners will be able to fill out the form,” said John Arensmeyer. “We know that the SBA is working around the clock to bring assistance to small businesses in crisis. We’re also glad the loans will not require collateral or personal guarantees, and that no loan fees will be charged by the lender or the federal government. However, many of our concerns with the newly adopted PPP program remain the same—small business owners need more robust, unrestricted assistance that will sustain their business far beyond eight weeks. With respect to the guidance issued today, we are now equally concerned that some details of the forgiveness program remain hazy, that businesses without an existing SBA relationship could wait longer and the shortened repayment term of two years has the ability to sink some of the smallest and most vulnerable businesses as they work to recover from this crisis.”

WHAT: Following the release of the Small Business Administration’s (SBA) Paycheck Protection Program application and guidance for lenders and borrowers, Small Business Majority policy experts are available to speak with reporters about the newly created PPP program as part of the COVID-19 stimulus. The roughly $350 billion program will make loans available to small businesses to cover two months of payroll and other expenses, and if the borrowers are able to keep their workforces largely intact, the government could forgive the loans. From the onset, Small Business Majority has expressed concerns with the stimulus package and the structure of the PPP loan program.

WHO: The following small business and lending experts at Small Business Majority are available for interviews:

• John Arensmeyer, Founder and CEO
• Mark Herbert, Vice President, California
• Brain Pifer, Vice President, Entrepreneurship

WHEN/WHERE: Policy experts are available to speak to media today, Tuesday, March 31st, and the rest of this week by phone and video conference.

TO REQUEST AN INTERVIEW: Contact Aimee Brierly, Media Relations Manager: (202) 535-3229 or [email protected].