Clubs and Organizations
March 27, 2021
SAN FERNANDO VALLEY — The Greater San Fernando Valley Chamber of Commerce, a member of the Save Small Business Coalition, is urging Congress to immediately appropriate funding for flexible, unrestricted grants targeted to the smallest and hardest hit businesses.
It has been one year since the COVID-19 pandemic shut down the U.S., and small businesses continue to struggle to keep their doors open, particularly women- and minority-owned businesses. While the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL) provided a crucial lifeline for many businesses; the programs’ rollout, technical errors, and restrictive loan parameters caused many small businesses—especially newer businesses and under-resourced communities—to fall through the cracks.
A recent survey by Small Business Majority found that of the businesses that applied for PPP, 36% did not receive the full loan amount they requested, including nearly all Black self-employed entrepreneurs surveyed. Small business owners who did not apply for PPP, more than half (55%) say they did not do so because they believed they were ineligible for the program.
“Small businesses still need assistance.” Said Nancy Hoffman Vanyek, CEO of the Greater San Fernando Valley Chamber of Commerce “40% of small business owners report they will need no-cost grants or zero-interest loans this year to keep their business open.”
That is why the Greater San Fernando Valley Chamber of Commerce is calling on Congress to provide businesses with unrestricted funding, with levels of accountability, because only the companies themselves can determine how best to utilize the funding to keep their businesses open. America’s businesses need financial assistance and flexibility to retain and rehire staff, pay rent, meet certain debt obligations, and pay state and local taxes.