Help small biz
American workers and small businesses are facing unprecedented challenges in dealing with the COVID-19 pandemic. I have been proud at the resolve and adaptability shown by our local businesses as they try to stay afloat during this downturn, but more relief is still needed to prevent long term economic catastrophe.
A few weeks ago, Congress offered relief in the form of the CARES Act, a $2.3 trillion package that sent aid to individuals, small businesses, and the American health care system. Part of this relief package was the Paycheck Protection Program (PPP), a $349 billion fund for small businesses to access loans so that they could pay rent, utilities, and maintain payroll in the coming months. If they keep their workers on the payroll for the eight weeks, their loan will be forgiven
The PPP funds were exhausted less than two weeks after the application process opened. It is clear that small businesses are still in need of additional funds to make it through this downturn caused by COVID-19. The Lubbock Chamber sent letters to Senators Cornyn and Cruz as well as Congressman Arrington this week, urging swift and bold action to help save American small business.
We hope our nation’s leaders can unite around the common cause of providing economic relief and taking bold action in the face of COVID-19.
Eddie McBride
President/CEO, Lubbock
Chamber of Commerce