Several industry associations urge Congress to authorize zero-interest loans.

 

We wanted to bring to your attention a letter from the Economic Innovation Group, signed by America’s Recovery Fund Coalition, that was sent to congressional leadership yesterday. As reported by POLITICO:  

Several industry associations are urging Congress to authorize zero-interest loans that would mature for up to 30 years as part of the next phase of small business relief, echoing a long-term aid proposal floated by Senate Small Business Chair Marco Rubio. 

The letter urges members of Congress to take expeditious and sweeping action to support small businesses across the country, given the shortfalls of current federal funding programs: 

 Federal relief must be responsive to the evolving economic circumstances and needs of small businesses, including nonprofit employers. The next phase of relief must be designed to enable them to survive a prolonged period of lower consumer demand, ongoing operational disruption, and continued uncertainty until the availability of a vaccine and effective therapeutic treatment eliminate COVID-19 as a severe public health concern. Simply extending PPP and expanding its eligibility to a wider range of severely impacted entities alone is not sufficient to address the threat to small employers throughout the country. 

 You can read the letter here, and if you would like to learn more about the Coalition or speak with the members pushing to ensure America’s economic recovery, please don’t hesitate to email [email protected].