Loans meant for Main Street have run out of money. Waiting until May 4 will not work.
LINCOLN, Neb., April 17, 2020—The state director for Nebraska’s leading small-business association today implored Congress to do all it can to re-stock the loan programs meant to extend a lifeline to Main Street enterprises.
“Waiting until Congress reconvenes will not work,” said Bob Hallstrom, Nebraska state director for NFIB. “The U.S. House and U.S. Senate need to act now to come up with additional funding for the Economic Injury Disaster Loan program and the Paycheck Protection Program, or it will threaten the viability of many small businesses in our state.”
Congress is scheduled to reconvene on May 4 at the earliest. In addition to the looming funding crisis, significant communications and implementation issues have exacerbated the problem.
Click here to read NFIB’s 10-point plan for small-business recovery, released today.
According to NFIB research, 70% of small-business owners have applied for PPP forgivable loans, the remaining balance is planning to do so within a month. Nearly half of small-business owners have applied for EIDL loans. You can apply for both. Many small business owners planned to rely on the PPP forgivable loans for payroll and the EIDLs for working capital. However, while some small businesses have received approved applications, the vast majority of businesses have not received loans, jeopardizing small businesses and employees who need immediate financial assistance.
“Act now. Vote now on additional funding, either remotely or in person,” Hallstrom is asking Congress. “May 4 is an eternity from now. The coronavirus crisis is not of small businesses’ making, and it should not infect them in the form of business closures.”
Click here to read NFIB President and CEO Brad Close’s letter to the Congressional leadership.