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Congressmen call for Small Business fast track

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In a letter led by Congressman Andy Kim (NJ-03), 49 members of Congress joined to call on Secretary of the Treasury, Steve Mnuchin and Small Business Administration Administrator, Jovita Carranza to make it easier for small businesses to access critical help through the CARES Act by issuing clear guidelines and procedures on how to apply for and get assistance.

“I’ve heard the deep concerns of small business owners across Burlington and Ocean Counties who are days away of having to close their businesses and put people out of work because the help Congress passed just isn’t getting to them,” said Congressman Kim. “This is absolutely unacceptable, and it is a problem that must be fixed. I stand with my colleagues to press the Administration to make immediate changes in order to get relief to small businesses and small business owners across New Jersey who deserve to hold on to their piece of the American Dream.”

The letter addresses concerns expressed by small business owners across the country about the incredible amount of confusion and difficulty in accessing funds through the PPP and EIDL. In response, the letter asks that the Department of Treasury and Small Business Administration, “issue comprehensive Standard Operating Procedure manuals for the PPP and enhanced EIDL programs so small businesses, nonprofits and lenders know how they can quickly access or provide assistance.”

“The Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDL) were designed to provide immediate relief for small businesses, and while federal aid has begun to flow, we worry that the full scope of assistance appropriated and authorized under the

CARES Act will not reach many businesses quickly enough,” stated members in the letter.

“The economy is in critical condition, with some early indicators pointing to a large share of job loss coming from small businesses that may not be able to recover,” the letter continued. “To prevent further devastation of our small businesses, we ask you to provide transparency and to work efficiently to address outstanding questions and concerns.”

The complete letter is available at:

https://kim.house.gov/sites/kim.house.gov/files/documents/4.13.20%20SBA.Treasury%20Letter%20CARES%20Act%20Programs%20FINAL.pdf

 

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