By Andy Medici
Small businesses could be on their own as hopes for second PPP, more stimulus fade
The chances of a second round of Paycheck Protection Program loans — or any small-business stimulus legislation from Congress — is beginning to fade as the election approaches.
Small-business groups from across the spectrum, who had originally hoped for more swift action from Congress, are increasingly losing hope that help is on the way. The introduction of the so-called “skinny” stimulus by Senate Republicans on Monday and its quick defeat Thursday has only heightened concerns that further attempts to get more financial help to small businesses in the next few weeks will also fail.
“There is a real risk that we won’t see any movement until February, by which time what could have been an acute crisis will have become long-term impact,” said Sarah Crozier, senior communications manager for small-business group Main Street Alliance. “I think there is definitely real concern that nothing will pass.”
The latest legislation, which would have authorized a new round of PPP loans for the hardest-hit small businesses as well as a shield from some Covid-19-related liability claims, is just the latest stimulus package to fail to gain approval. The HEROES Act, passed by House Democrats in May, has languished before the Senate, and the Republican-sponsored HEALS Act was introduced in July but never received a vote in either chamber.
Originally published on bizjournals.com September 11, 2020