PPP: A Success Story Sabotaged by Democrats
April 10, 2020
70% of American small business have already applied for a Paycheck Protection Program loan. On Thursday morning, Senate Democrats blocked supplemental funding for the Paycheck Protection Program, holding it hostage to their unrelated, left-wing agenda while also denying aid to small businesses and workers in their time of need.
The National Federation of Independent Business (NFIB) released the following statisticsabout the Paycheck Protection Program (PPP):
- 93% of small business owners are familiar with the PPP.
- 70% of small business owners have already applied for a PPP loan.
- Of the 30% of small business owners who have not tried to apply for a PPP loan, 33% plan to in the next month and 36% are considering it.
The Paycheck Protection Program is clearly one of the most critical and effective forms of relief for small businesses during this pandemic, and we need more funding now to keep the program going and open to more businesses so they can retain their employees. Why did Democrats block renewed funding for this program? They want more of their liberal agenda first — more climate change studies, more electric vehicle charging stations, more funding for sanctuary cities . . . They are putting their own political agenda over the relief the American people desperately need now.
The Small Business Administration is hearing from small businesses across America who have been able to keep employees on payroll as a result of the PPP loan.
Thermal Services, a small business of around 100 employees in Omaha, Nebraska, was recently approved for a PPP loan. Owner, Wade Mayfield, who has been working for weeks to ensure his employees can afford "mortgages & meals" throughout this crisis, said:
"I was skeptical at first because of '08 financial measures that were enacted. I was really proud of the Administration – they really crafted this [PPP loan] to absolutely take care of small, local businesses and providers, and not the big corporate umbrella that you saw happen in '08. We're going to use this [PPP loan] to the fullest extent – 401(k) [match for employees] will go back into place, continue paying our employees. It brings back a sense of normalcy to my employees and their families during something that's so abnormal.Because of this help, we can get through with a minimal amount of pain and suffering for something that wasn't their [employees'] fault trickling down to them. And from a financial standpoint, it keeps my business in a healthy, stable position so when things go back to normal, we'll be ready to serve our customers and community."
Bitty & Beau's Coffee, a North Carolina coffee chain employing around 80 individuals with intellectual and developmental disabilities, had to temporarily lay off employees as shops closed. Bitty & Beau's was just approved for a PPP loan, which will allow many of their employees, who may have difficulty finding jobs elsewhere on short notice, on the payroll. Amy Wright, owner, said:
"This is a game-changer for us. Our employees will be so excited to hear they will still be getting paychecks."
Mountain Mudd Espresso, an espresso drive-thru business in Billings, Montana, has around 50 employees. Tanya Weinreis, owner, received approval for her PPP through her community bank. Weinreis said:
"The loss of sales was scary—I was nervous this would ruin the business. The large corporations like Starbucks could withstand it, but I didn't know if we could. [The PPP loan] will allow us to continue paying our employees, as well as covering other operational costs like rent and utilities. Now we can give back to the community in a meaningful way. Our espresso kiosks are giving away thousands of dollars in free coffee to frontline workers – first responders, health care workers, and law enforcement. We also have interviews set up this week and are employing everyone that wants to continue to work and hiring new staff as well."
Tim Miller, owner of Owasso Auto Care in Owasso, Oklahoma, shared how anxious his employees were and how the PPP loan is going to keep technicians on the payroll and the doors open:
"I own a small auto repair center in a town just outside of Tulsa, about 45,000 people in the city limits. Four employees here. We have had no business whatsoever since about March. I have three technicians that have been w/ me for a long time and I was just paying them out of money that we had until we depleted it. This SBA loan came at the perfect time because I wouldn't have been able to make payroll or mortgage. We were just flat-out broke. Not only did it [the process] allow me to get through quickly, it allowed my bank to respond quickly. I felt very fortunate to get the money that we did. It's a lifesaver. What the SBA has done here, and what the federal government and especially President Trump did, it'll save my livelihood. It'll keep my doors open. They [employees] were very anxious. Yesterday morning I received the news we had been approved and that we'd receive the funds so I told them right away so they knew they'd have a paycheck at the end of the week. They were very relieved and I am too. As far as the economic side of [COVID-19], we've [Oklahoma] been hit very hard. I feel very lucky, I feel very blessed. It means so much to me that we can continue our business. Been in business over 25 years."
Orrstown Bank in Shippensburg, Pennsylvania, also tweeted about their experience helping 600+ small business owners get help through the Paycheck Protection Program in just the first weekend of eligibility.
BOTTOM LINE: The Paycheck Protection Program is a direct, effective way to protect small businesses and American jobs during this pandemic. Republicans want to replenish the programs' funds — no gimmicks, no tricks, just a standalone bill — yet Democrats put their partisan agenda first and objected, drawing out days, if not weeks, of unnecessary negotiations. Enough. This is simple. We need to get these funds to small businesses ASAP; it's past time for Democrats to stop standing in the way of relief for American workers and businesses.