AUSTIN (April 9, 2020) — The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, issued the following statement from NFIB President Brad Close following the U.S. Senate’s failure, this morning, to provide additional Paycheck Protection Program forgivable loans funding for small businesses:
“Small businesses are extremely disappointed that politics got in the way of the Senate providing additional funding for the crucial small business lending program. As delays continue every day, we are hearing from many of the smallest businesses that their biggest concern is the $349 billion lending program running dry before their applications are processed. The administration requested an immediate addition of $250 billion for small businesses, an action all legislators should rally behind. But yet again, we are watching politics delay desperately needed assistance to small businesses and their employees.
“This is half of the American economy and nearly half of all jobs we are talking about. As small businesses and workers struggle with an economic downturn that was not of their making, they need these programs to work and be fully funded. Every day of delay means more small businesses will shut down, and more employees will find themselves out of work.”
NFIB State Director Annie Spilman said: “Small businesses in Texas employ nearly 5 million people. Without continued financial assistance for small businesses, millions of people could be permanently unemployed.”
For more than 75 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.