Small business relief package
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Coalition of small business organizations, the Small Business Roundtable, wrote a letter to a congressional leadership on behalf of 30 million small businesses.

The organization is urging the federal government to pass sole package for a new round of stimulus to help small businesses fight the coronavirus pandemic.

The letter stated that small businesses are the "on the brink of recovery and continuing to struggle to survive."

This is due to liquidity challenges for those who have yet to reopen or who are limited by capacity restrictions.

This also includes other critical health and safety protocols to protect the public, consumers, and employees from the pandemic.

"While we acknowledge the unprecedented support and resources that were directed to small businesses earlier this spring, more must be done and we write today to urge that same swift, bipartisan leadership on a standalone small business relief package that will assist the most fragile small businesses and their employees," the organization was quoted.

Small business leaders are also asking for a legislation that would allow a second draw from the Paycheck Protection Program.

Aside from that, they are also asking an expedited PPP loan forgiveness and full tax deductibility for PPP recipients.

The Small Business Roundtable is also asking Congress to remove caps and increase funding for the Economic Injury Disaster Loan Program.

The group also wants to ensure tax exempt organization such as such as 501(c)6 trade and destination marketing organizations, chambers of commerce, and quasi-governmental structures are given access to the federal aid program.

The organization also asks for increased federal loan guarantees, maximum loan sizes, and reduced fees, and increased funding for Community Development Financial Institutions.

It also asked in its letter the forgiveness for costs associated with protective equipment, technology, and cloud-based services, as well as businesses that are physically damaged during the pandemic.

The group noted that the immediate passage of these "small and low-to-no-cost measures means thousands of small businesses will make it to the holidays."

"Unless Congress provides additional relief this month, business failures in the next several months will skyrocket as it will be impossible for additional measures to come online until well after the election or perhaps even into early 2021," the SBR was quoted.

SBR admitted that there is a larger package needed. However, they said that Congress has an opportunity to immediately pass a legislation that would make a meaningful difference with no cost to taxpayer.

A new data from Yelp showed that 60 percent of businesses that were affected in March during the start of pandemic, will remain close for good.

Over 97, 966 businesses on the platform have closed permanently between March 1 and Aug. 31.

On Yelp alone, 163, 735 businesses have experienced shutdowns in the same five-month period.

House Republicans were pushing reopen the PPP and use its funding remaining funds amid gridlock on Capitol Hill over a package for a new round of stimulus.

The PPP has around $138 billion in funding left that was allotted under the $2.2 trillion CARES Act passed back in March.

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