Business leaders are calling for another round of funding under the federal government’s Paycheck Protection Program (PPP), but decisions on what to do with the program have yet been made.
On Monday, a letter signed by more than 100 CEOs and spearheaded by Howard Schultz, chairman emeritus of Starbucks, was delivered to Congress asking it to pass long-term relief for small businesses beleaguered by the COVID-19 pandemic. The letter says that if action is not taken soon, the country will see a wave of permanent closes by Labor Day. Specifically, it asks for another round of funding under the PPP and to make the program more accessible to those businesses that have been the hardest hit. It added that federally-guaranteed loans should support small businesses through 2020 and into 2021.
As of Friday, negotiations between the Democrats and the Trump Administration on a new coronavirus relief package had hit a standstill. The Administration is currently focused on prolonging unemployment benefits, liability protection, and a moratorium on evictions, and it remains unclear when new support for businesses will be enacted.
Look out for next week’s issue of Fundnews to learn what happened to the PPP, and try Fundsearch today to find funding for your business now.