Small Business Majority Calls on the U.S. Senate to Act Now on the American Rescue Plan
Statement from John Arensmeyer, Founder & CEO of Small Business Majority, calling for the U.S. Senate to move swiftly on the stimulus package as more small businesses face closures in the next few months
"As we approach the one-year mark of the COVID-19 crisis in the U.S., small businesses around the country continue to make difficult decisions in order to keep their doors open, and more than 400,000 have already closed for good. Small businesses hanging on by a thread can’t afford to wait for additional relief, which is why Senate lawmakers must work quickly to pass the American Rescue Plan.
The American Rescue Plan includes several provisions that are essential to small businesses’ survival, particularly grants for the hardest-hit small businesses to provide them with more flexible relief and more funding for low-interest small business loans and business assistance programs. The plan also includes measures to bolster small businesses, their employees and their customers during this difficult time by increasing and extending unemployment benefits and boosting the earned income tax credit.
Additionally, the plan will strengthen access to healthcare and lower costs for small businesses and their employees. This is especially important right now as more than 1 in 3 small businesses report it’s been a challenge to get health insurance coverage for themselves and their employees during the pandemic. The legislation expands and improves the current system of health insurance subsidies that has helped make healthcare more affordable for many entrepreneurs, and boosts Medicaid and COBRA coverage for those impacted by the pandemic.
From reducing staff to adjusting their business models, small business owners need additional financial assistance, particularly direct grants, in order to keep their businesses afloat. In fact, our most recent survey revealed 30% of small businesses, including 36% of Black and Latino-owned small businesses, fear they will be forced to close their doors for good in the next three months.
This is why Congress must act now to put small businesses at the forefront of economic recovery and avoid a wave of permanent small businesses closures.”
About Small Business Majority
Small Business Majority is a national small business organization that empowers America's diverse entrepreneurs to build a thriving and equitable economy. We engage our network of more than 80,000 small businesses and 1,000 business and community organizations to advocate for public policy solutions and deliver resources to entrepreneurs that promote equitable small business growth. Our deep connections with the small business community along with our scientific research enable us to educate the public about key issues impacting America’s entrepreneurs, with a special focus on advancing the smallest businesses and those facing systemic inequalities. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.