Press Releases

For press inquiries, contact Sarah Crozier at [email protected].

Major gaps on PPP rules still unresolved as 2nd round of funding goes out

Design flaws in the program still need to be resolved

As the second round of Paycheck Protection Program Funding starts up today, Main Street Alliance Executive Director Amanda Ballantyne had this to say:

"It is reckless for the Small Business Administration and Treasury Department to release a second round of funding before clarifying the major gaps and issues with the Paycheck Protection Program. The program still lacks clear terms for forgiveness, rules prohibiting banks from again prioritizing applications of larger clients, and guidance for new lenders to come online to the program.  The dangerous inequities we saw with the first round will not be resolved. Minority-, immigrant- and women-owned businesses are still being left out. With funding likely to run out in 48 hours, it is ludicrous that Congress thinks it has done its job supporting small businesses.

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On COVID 3.5 - Additional PPP Funding Necessary but Not Sufficient

On the passage of the COVID 3.5 bridge bill, Executive Director of the Main Street Alliance, Amanda Ballantyne had this to say:

“For small business owners facing increasingly dire circumstances, additional funding for the existing Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) is necessary but not nearly sufficient. The serious design flaws of the PPP will not be solved by throwing more money at these programs. Even the new inclusion of Community Development Financial Institutions and other dedicated funding for smaller lending institutions to meet the needs of minority-owned, unbanked and rural businesses around the country will not go far enough to secure our small business economy. 

 

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Small Businesses Furious at Paycheck Protection Program Structure that Allowed Banks to Make Their Own Rules

With allegations that major banks shuffled Paycheck Protection Program applications to prioritize larger loan amounts and bigger businesses, Main Street businesses are furious. This possibility points to a clear design flaw in the program that tried to use the private lending market, already rife with discrimination and putting profits over all, as the mechanism for small business relief. Small businesses are demanding that any new funding must come directly to them via subsidies, not loans, and it must prioritize those who were left out.

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Small Biz Quotes on Record Unemployment and Dried Up PPP Loans

Today, we learned that the troubled Paycheck Protection Program (PPP) has run out of funding, the Economic Injury Disaster Loan (EIDL) is no longer accepting applications, and unemployment numbers continue to skyrocket with more than 22 million workers now unemployed in the US. It won’t be long before we have data showing business bankruptcies rising at an alarming rate.  We are on the brink of economic catastrophe and Congress must act immediately to overhaul the troubled PPP to provide significantly more streamlined funding and faster for a longer timeline, and ensure that workers waiting in line for UI are covered, including self employed and gig workers.

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Joint Statement: Save Our Economy - Protect Main Street Jobs & Businesses

Hundreds of thousands of small businesses shuttered by COVID-19 are at risk of closing for good in the coming weeks without direct subsidies. Very small businesses and those with historically limited access to capital are especially vulnerable. With little or no revenue coming in, entire sectors of the small business economy face extinction. Tens of millions of jobs are at stake – along with health care, sick leave, retirement, and other important benefits. The last two weeks of March saw an unprecedented ten million unemployment claims in just two weeks. Without more decisive action the nation could move into the summer with unemployment rates greater than or equal to the Great Depression peak.

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Business and Workers Orgs Applaud Paycheck Guarantee Act as comprehensive plan for economic recovery

As organizations that represent the interests of American workers, small businesses, and consumers we applaud Representative Jayapal on a bill that finally puts American workers and small businesses ahead of corporations. The Paycheck Guarantee Act is exactly the type of program we need to keep people on payroll and connected to their important health benefits, address our ballooning unemployment, and lay the foundations for economic recovery.

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Small Biz Loans - Survey and Webinar

The Update:

Certain SBA lenders began processing Paycheck Protection Program loan applications on Friday April 2nd. More information is available directly from SBA and your local lender lender.

Disaster loans, through the EIDL program, and $10,000 EIDL grants are also now directly available at disasterloan.sba.gov.

We're hosting a webinar with SBA, Treasury Department and the Senate Small Business Committee on Tuesday, April 7th 3pm EST. Registration is now open.

Register

Take Action:

Urgently, share your experiences as the loan program rolls out. Your feedback helps shape improvements and informs our advocacy for expanding grants. We are speaking with legislators and media currently!

Take our NEW Loan Survey Now. It will only take 3 minutes.

NEW Loan Survey

 

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Trump should open the ACA Marketplaces

The continued attacks on health care are hurting small biz

Washington, DC - On the Trump administration's amoral decision to keep the ACA marketplaces closed during a pandemic, Executive Director Amanda Ballantyne had this to say:

“The decision not to re-open enrollment on the Affordable Care Act health insurance marketplaces for the states that the Trump administration oversees shows very clearly where the administration's priorities are during this pandemic. They have no interest in guarding our country’s public health, and have in fact continued to move forward with a lawsuit that would undo the Affordable Care Act completely, throwing millions out of the health care system during a health crisis in this country.

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On the Senate CARES Act: Small Businesses Need More to Survive COVID-19

But this package is a start on which we can improve. We urgently need to begin to work on a fourth package.

 

On the emergency relief bill H.R 748 CARES Act, that passed the Senate last night, Executive Director of the Main Street Alliance, Amanda Ballantyne had this to say:

“The best way to support the economy during this crisis is to keep workers getting paychecks, and keep small businesses solvent. 

We hear every day from small business owners who have been forced to lay off employees, and have been waiting to hear what support was coming -- and if they will get a lifeline or will need to permanently close their doors. And for them, this package has needed elements -- but in the wrong order. 

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COVID ACTION ALERT - Small Biz Need Robust Unemployment Insurance

UPDATE:

This afternoon the Senate hit a stumbling block in negotiations over unemployment provisions in the bill. Unemployment is what is going to keep people at full wages so they can still feed their families, pay their mortgages and shop at small businesses as much as possible throughout (and after) the crisis. 

Your voice is needed NOW to call for a robust Unemployment Insurance program.

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