If you run a small business, have you had any luck with the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loans (EIDL) and Grants program?
Rep. Mikie Sherrill (D-11th Dist.) is asking small businesses from the 11th District to share their experiences in a survey.
Survey data will be shared on Sherrill’s website, and with the U.S. Small Business Administration, the Department of the Treasury and the House Committee on Small Business, she said in a statement.
“My team and I are hearing every day from small businesses across the district who are frustrated and uncertain of their ability to get support from the PPP and EIDL programs,” Sherrill said.
The Congresswoman said she wants feedback on what it’s been like navigating the system, what roadblocks applicants have encountered applying for loans, and suggestions for improvements.
Launched on April 3, 2020 as part of a $2.2 trillion coronavirus relief package, the $350 billion PPP loan program quickly was depleted. Congress appropriated another $310 billion. Repayment of these loans can be forgiven if recipients use the money to keep employees on their payroll through the pandemic.
Congress also approved another $60 billion for the EIDL program when it ran dry. Loans of up to $2 million are intended to cover payroll and operating expenses disrupted by disasters. These debts also may be forgiven if certain conditions are met.
Testifying last week before the House Committee on Small Business, Sherrill said government must do more than just adding funds to these programs.
“We must make it easier for businesses to access these funds and live up to the intention of the program we created,” she said.
Rep. Mikie Sherrill (D-11th Dist.) testifies about improving pandemic relief for small businesses, April 23, 2020:
We have not gotten any help from the governor or the the town to pay the rent and bills and these expenses keep coming and we have no money because we are closed since March 15 we are struggling because we are still closed we don’t know what we are going to do with are Business sister nails Solon. I hope you can help us thank you.