Small Business Majority Reacts to the Passage of Legislation to Extend PPP

Washington, DC — Today, John Arensmeyer, founder and CEO at Small Business Majority, released the following statement after the U.S. Senate voted to extend the Paycheck Protection Program (PPP) to August 8, 2020.

“Allowing PPP to expire would be foolish. While it is no secret that the program has had its fair share of challenges, in the wake of one of the worst financial crises in our nation’s history PPP has been a critical resource. With coronavirus cases on the rise in many states and an uncertain economic future, America’s entrepreneurs need more time to determine if PPP is right for their business. We are pleased that the Senate has acted to extend the program, but we are disappointed that it took until the eleventh hour to do so. Simply moving the goalpost back to August will not be enough to sustain full recovery for the millions of small businesses that are struggling to stay afloat and have been unable to secure funding. 

Now that PPP has been extended, we urge Congress to act swiftly to develop a comprehensive relief package for small businesses in crisis, and in the interim reform PPP so that loans under $150,000 are automatically forgiven and the smallest, hardest hit businesses are able to take a second loan. This crisis has lasted much longer than anticipated when PPP was first enacted, and it is incumbent on leaders in both chambers to enact long-term measures that will meet the reality of the crisis we are facing.”