U.S. Chamber Launches Save Small Business Initiative
It is hard enough to be a small business owner – only about half of all small businesses with employees make it to their five-year anniversary.
Add in the coronavirus and measures we have adopted to halt its spread, and you are looking at an existential threat that could wipe out millions of small businesses.
A recent poll conducted by the Chamber and MetLife found that more than half of small businesses (54%) have closed at least temporarily or will close in the next two weeks. One in four (24%) are two months or less away from permanently closing. To put that into perspective, 24% of employer firms with fewer than 500 employees is 1.4 million small businesses.
All of which makes the Save Small Business Initiative announced today by the U.S. Chamber even more critical. The initiative features a four-part campaign including financial aid, resources and guidance, advocacy, polling, and a call to action for the larger business community and government to help small businesses.
As part of the initiative, the U.S. Chamber of Commerce Foundation has launched the Save Small Business Grant Fund to provide $5,000 supplemental grants to small employers. This is not just about what the Chamber can do, but what all of us can do together. It is also about what we can do over time. Implementing the Paycheck Protection Program, the Economic Injury Disaster Loan (EIDL) program, and the new Main Street Loan Facility will help stabilize many small businesses today, but then we must help them reopen, recover, and grow. The Chamber is committed for the long-term.
As our President Suzanne Clark said, “We cannot and will not allow our country’s critical small business sector to collapse.”
–Neil Bradley, Executive Vice President and Chief Policy Officer, U.S. Chamber of Commerce
Upcoming Virtual Event Path Forward: Navigating the Return to Work
Thursday, April 16 3:00 PM to 4:00 PM (EST)
U.S. Chamber President Suzanne Clark will lead a deep dive discussion on the importance of swift and accurate COVID-19 testing to the economy, the barriers employers must overcome, and what we can learn from other parts of the world. Click here to register
Chamber President Suzanne Clark on Tuesday appeared on the PBS News Hour and on Wednesday appeared on Bloomberg TV and Radio to discuss the Chamber’s new Path Forward program, an initiative to address how Americans and businesses can return to work. “We want to help both government leaders and business leaders anticipate what new restrictions, what new equipment, and what new risks are out there so that they can really be ready,” Clark said on PBS News Hour. “You can't underestimate what a job means to a family or to a community, and once we return to health, we need to be ready to return to work.” Helping Businesses Navigate Corporate Governance Pitfalls Associated with CARES Act While the CARES Act provides much-needed loans and loan guarantees to businesses, they must consider the corporate governance issues associated with accepting such help. The U.S. Chamber’s Center for Capital Markets Competitiveness (CCMC) is dedicated to helping businesses assess these implications as they determine the best path forward. CCMC created a guide to help businesses navigate the requirements and restrictions that come with accepting relief through loans or loan guarantees under Section 4003 of the CARES Act.
Additionally, CCMC hosted an interactive webinar to help Chamber members better understand the financial assistance programs, as well as help anticipate the growing list of proposals that may be contemplated as part of the next phase of crisis response legislation. Watch the recording here. Coronavirus Small Business Tax Changes: Everything You Need to Know Click here