U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley today sent a letter to congressional leaders urging quick action for American small businesses should Coronavirus Aid, Relief, and Economic Security (CARES) Act funding not be sufficient after surging demand for those programs.
“The U.S. Chamber of Commerce thanks you and the entire Congress for quick action to pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act and provide an economic lifeline to families and employers,” Bradley said in the April 7 letter. “I write today to urge you to make clear to America’s small business owners that Congress will act quickly should demand for the programs targeted to small businesses quickly reach their statutory cap.”
The CARES Act Paycheck Protection Program (PPP) provides $349 billion for small businesses to continue to pay their employees and other bills throughout the crisis, and an upgraded Economic Injury Disaster Loan (EIDL) program at the Small Business Administration allocates $10 billion in disaster relief grants. While the PPP just began accepting applications on April 3, loan commitments reportedly already exceed 10% of the total available funds. The EIDL program has a $10 billion cap on grants, which will support only 1 million businesses and non-profits.
“We are sure that you agree that no small business, non-profit, self-employed individual, or an independent contractor should be left behind simply because others applied and received loans or grants first. We urge you to reassure small businesses that Congress will quickly increase funding for these programs should they approach their limits,” Bradley said.
To see the full text of the letter, please click here.
