As lawmakers continue to negotiate over the next round of coronavirus relief, small business owners need more help.
After several days of bipartisan talks, lawmakers on Capitol Hill have yet to come to an agreement on the next round of coronavirus stimulus — leaving out-of-work Americans and struggling small-business owners wondering what will come next.
‘I can’t grow and sell and I can’t hire’But without more assistance, Lai said she won’t make it through the winter. While the stores remain open, her profit dips in the colder months. Senate Republicans unveiled their opening bid for the next stimulus package this week, calling it the HEALS Act. Part of that plan includes allowing some businesses to take a second PPP loan. On the Senate floor, Sen. Marco Rubio — Chairman of the Senate Small Business Committee — said the government has an obligation to help businesses it forced to shut down for the public good.
“There’s a lot of similarities. I think we all want to do more for those businesses that really need it,” said Cardin on Yahoo Finance’s “On the Move.” “Small businesses and their employees are the backbone of our nation’s economy and communities. Their time and resources would be better focused on getting the economy safely back up and running, not processing burdensome paperwork,” the associations wrote in the letter.
“But that is why we negotiate. The next COVID-19 relief bill must do more to prioritize and set aside PPP resources for our smallest and most vulnerable businesses, including pumping more capital into the Economic Injury Disaster Loan program—which the HEALS Act fails to do,” said Velazquez in a statement to Yahoo Finance.
In addition to another round of PPP loans, Senate Republicans have proposed offering long-term, low-interest loans to certain small businesses with fewer than 500 employees. Seasonal employers and businesses in low-income areas would be eligible for the loans, which could be paid back over 20 years at a 1% interest rate. Rubio argues those loans would help minority and underserved communities.
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