PROVIDENCE – U.S. Chamber of Commerce President Suzanne P. Clark sent a letter to the leaders of Congress April 10 calling for increased funding for COVID-19-related loan programs to small businesses.
The letter noted that small-business loans through the Economic Injury Disaster Loan program had been capped at $15,000 per applicant and that the average application is for $200,000. The Chamber called the EIDL program “tapped out.” The original cap for EIDL loans was $2 million.
Clark also said that it was concerned that the federal Paycheck Protection Program was also on its way to being depleted, noting that the program was opened to independent contractors, gig economy workers, and self-employed individuals as of April 10.
“Without an infusion of resources, PPP is unlikely to meet outstanding needs for a large number of small businesses,” the letter read.
“Small businesses need Congress to act. No family and no business should be bankrupted by the temporary economic disruption caused by the coronavirus pandemic,” said Clark. Congress’ urgent action is needed to replenish EIDL and to bolster PPP, and to help small businesses survive.”
