Small Biz Stimulus Needed Immediately, Senate Should Strengthen Emergency Bill

Washington, DCTo maintain our economy and small businesses through this public health and economic crisis we will need a combination of paid sick leave, longer term paid leave and significantly expanded unemployment insurance to provide workers the income they need in this unprecedented emergency. Immediate action is required.

We are glad to see HR 6021 the ‘Families First Coronavirus Response Act’’ advance to the Senate and urge passage. We look forward to working with the Senate and Administration to strengthen this bill and other measures to meet the crisis our small businesses, employees and country face.

Increasing need for social distancing  and the actions of cities and states to temporarily close restaurants and schools suggests to us that there is also an urgent and immediate need for a massive cash bail out to small businesses. Small businesses in industries particularly susceptible to decreases in consumer demand are reporting potentially catastrophic decreases in sales revenue (between 15-80% in some cases and cities) and can already barely pay their bills. 

Small businesses employ nearly 60 million, almost half the private sector workforce.  And our service sector employment is now over 70% of all nonfarm payroll employees.  

We are heartened by the leadership of Sen Schumer and his proposal for a $750 billion investment package  that includes immediate cash assistance to small businesses. 

The next round of stimulus must be immediate, and must provide dramatic cash assistance to the small business community to maintain employment and buoy our economy through this crisis. Investments in Main Street will go much further to protect families in America than investments in Wall Street.