4 ways the U.S. Chamber is supporting business during COVID-19
Every day I wake up grateful to be part of the team at the U.S. Chamber of Commerce working to help companies make it through this crisis and keep workers on their payrolls.
Last week, the Chamber and MetLife released a new poll and the results are troubling: more than half (54%) of small businesses say they have closed or expect they will shutter at least temporarily because of this crisis. The poll found:
· 24% of small businesses say they are two months or less from closing permanently because of the economic impact of the coronavirus pandemic.
· Another 24% have already shut down temporarily because of COVID-19.
· Among those who have not closed, 40% said they were likely to do so at least temporarily within two weeks.
1) The things these small businesses said they need to survive: financial assistance, loans and payroll tax relief are exactly what the CARES Act provides. The Chamber is using its reach and vantage point across all sectors of the economy and with our state and local partners to educate small businesses about the Cares Act.
2) We've put together a simple, step-by-step guide, that helps businesses determine whether they're eligible for the $350 billion in PPP loans. The Chamber team has participated in hundreds of briefings with state and local Chambers, businesses, and other groups to make sure everyone understands how these programs work and we are pleased to help you at your events as well.
3) We are also turning our attention to what comes next. Our "Path Forward" Initiative includes policies and support necessary to eventually reopen the economy. Join us in this discussion over the following days.
What we are seeing right now is that even in the midst of crisis, America is working hard to stay strong, resilient and innovative. If you want to be inspired by the organizations that are stepping up right now to help, take a look at our COVID-19 Business in Action Tracker and add your organization and what it’s doing if it’s not already included.
4) ***NEW**** The U.S. Chamber of Commerce Foundation, with founding partner Vistaprint, is also launching the Save Small Business Fund, a grant program to provide assistance to small businesses owners impacted by this pandemic. Funded by contributions from corporate and philanthropic partners, the Foundation will distribute $5,000 grants to small employers in economically vulnerable communities in the United States and its territories. This is part of the Save Small Business Initiative— a nationwide Chamber program aimed at addressing small businesses’ immediate needs, mitigating closures and job losses, and mobilizing support for long-term recovery.
To qualify, applicants must employ between three and 20 people, be located in an economically vulnerable community, and have been harmed financially by the COVID-19 pandemic. Grants will be awarded weekly on a rapid and rolling basis until all funds have been disbursed. To learn more about the Save Small Business Fund or apply for a grant, visit www.savesmallbusiness.com.
Everyone has been deeply impacted by this crisis but America has the courage to put people first and while the future remains uncertain, we pledge to do all we can to position our economy to emerge stronger on the other side.
Ashley Wilson is the Vice President of Congressional and Public Affairs at The U.S. Chamber and Head of its #WomenTakingtheLead program. Connect with her on Twitter @AshleyWilsonCOC.