Stimulus Agreement to Provide a Temporary Lifeline for Small Businesses, But the Need for Long-Term Solutions Remains
Small Business Majority Founder and CEO John Arensmeyer comments on the long-awaited federal economic stimulus plan released today.
“We’re relieved Congress finally came through with a stimulus deal today that will help provide some relief to Main Street, but this may be too little too late for the thousands of vulnerable small businesses that have been on the brink of collapse during months of congressional inaction. An estimated 400,000 small businesses have already closed their doors for good, and a staggering 1 in 3 small businesses, including 41% of Black and Latino-owned businesses, report they may be forced to close their doors permanently soon.
It is unacceptable that it took congressional leaders months to negotiate additional relief to stabilize our economy and small businesses. This gridlock absolutely cannot continue in 2021. Today’s agreement is an important step forward, and what small businesses need next is for their elected officials to put their differences aside and get to work on the long-term relief they will require to survive beyond just the next few months.”