PPP UPDATE

As you might have heard, the Paycheck Protection Program (PPP) ran out of funding on Thursday, April 16. While it is a good thing that many of our clients have been able to receive aid, several have not, as I'm sure many of your friends who own businesses haven't. Congress is considering a bill that will add more than $200 billion dollars to this program, but the Senate adjourned yesterday without completing action on the bill. We have sent a letter to Congress and we’re working with NAPEO, our trade association, to urge Congress to act at once to fund this program. I’m asking that you contact your Senators and Representative as well. I’ve drafted a sample letter you can use. Please fill in the blanks where appropriate and feel free to personalize the letter with your own company details. You can find contact information for each Senator here (https://www.senate.gov/senators/contact) and Representative here (https://www.house.gov/representatives). Small business is the backbone of this economy, and the fate of so many small businesses depends on a PPP loan. It’s crucial that Congress act immediately. I'm asking all clients whether you have received funds or not to take some action to help. I've been so proud of how our clients have pulled together to help each other and share information and business when possible. This is a key step and needs to happen quickly so please take a few minutes today and get this done. Below is the sample, feel free to expand on it but wanted to make it easy. Also, feel free to forward this to any business owner friends you have as the more the better.

April XX, 2020
Name Title/company
Address Dear [insert name]:

I write today to express my strong support for the Paycheck Protection Program (PPP). As you know, it has run out of money. I want to urge you to immediately provide additional funding to the program.

As the [owner/manager] of a [insert type of business/name of company] in [insert city] I’ve experienced the devastating economic consequences of COVID-19. Small businesses like mine have been forced to close their doors, which means employees have not received a paycheck.

A PPP loan is the lifeline small business and their employees need. I urge you to quickly authorize additional funding for this program. A PPP loan means my employees can put food on their tables, support their families, pay rent and bills, and stay safe. It also means I can maintain essential operations so that my business can hopefully reopen as soon as the pandemic passes.

[Insert name of company] has been in business for [insert years in business]. I’m afraid that without a PPP loan we may never reopen our doors. I am urging you to put partisanship aside and immediately fund this critical program so my employees can get the support they so desperately need.


Sincerely,

Name

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