U.S. Reps Adriano Espaillat (D-NY) and Kevin Hern (R-OK) stress need for bipartisanship in supporting small businesses
Congressmen provided insights during Biz2Credit’s Online Forum on Oct. 15
NEW YORK, NY (October 16, 2020) — U.S. Rep. Adriano Espaillat (D, NY-13) and U.S. Rep. Kevin Hern (R, OK-01), both members of the House Small Business Committee, stressed bipartisanship and provided insights into Congressional efforts to support business owners during the coronavirus pandemic.
While the initial CARES Act – and the Paycheck Protection Program (PPP), specifically – helped to keep small businesses solvent through the early stage of the pandemic, many companies that received funding have exhausted those resources and are in danger of closing. More than $521 billion in “forgivable loans” has been distributed to more than 5.1 million small and mid-sized companies from Alaska to Maine through PPP.
However, many companies still await confirmation that these loans have been forgiven. Further, they are unlike to apply for any more funding until they have confirmed that they are no longer “on the hook” to repay their first cash infusion from the government.
During an online forum, Small Business and the COVID-19 Pandemic – A Discussion with Rep. Adriano Espaillat (D-NY) and Rep. Kevin Hern (R-OK), hosted by FinTech leader Biz2Credit, an SBA-approved PPP lending partner, on Oct. 15, the Congressmen discussed the success of government initiatives, the areas in need of improvement, and the status of negotiations in Washington on “PPP 2” stimulus package.
“I want to thank Rohit Arora and Biz2Credit for bringing to the fore these very pressing issues that small businesses are and have been dealing with and trying to work through,” Espaillat said. “Over the course of this COVID-19 pandemic, I have worked with many small businesses whose livelihoods have been on the brink and kept going in the worst of recent times with the aid of the Paycheck Protection Program and Economic Injury Disaster Loans.”
“As our discussion elicited and my thoughtful colleague Congressman Hern highlighted, uncertainty is a very real and pressing concern,” Espaillat added. “It’s why the House of Representatives continues to debate and pass legislation with greater refinement and focus to meet the needs of small businesses from New York City to Tulsa.”
“Small businesses around the country are hurting, and they want action from Congress. As a business owner myself for more than 30 years, I understand the worry and stress they feel in the face of such uncertainty,” Hern said.
“I’ve spoken with countless business owners across all industries over the last several months, and I was honored to bring my perspective to thousands more with Biz2Credit,” he added. “Our discussion highlighted strong bipartisan proposals in the House that could bring immediate relief to business owners should the Speaker put it up for a vote. I’m glad my colleague Rep. Espaillat was able to join in the conversations, we found common ground in support of American small businesses.”
Biz2Credit CEO and co-founder Rohit Arora provided insight of future business financing options, including PPP loan forgiveness.
“Small businesses are struggling, and given their importance in private-sector job creation, it is critical for the overall economy that they get assistance in order to survive these unprecedented circumstances,” said Arora, one of the nation’s leading experts in small business finance. “Small business owners need clarity on PPP forgiveness, along with resumption of the government lending program.”
Erik Asgeirson, CEO of CPA.com, the business and technology arm of the American Institute of CPAs (AICPA), also participated in the forum. The AICPA led a small business funding coalition that advocated for swift, effective relief for business owners.
“It is important for business owners to work with lenders’ online platforms, their payroll companies, and their CPAs to navigate the PPP relief process and their applications for PPP 2,” Asgeirsson said.
“Leveraging tools for the forgiveness stage and getting ready for the next stage of business relief is critical for the survival of small businesses,” Asgeirsson explained. “The PPP program is really a public-private partnership between small businesses and government. Technology helps simplify the forgiveness process of the first round of PPP and, eventually, the application process for PPP 2.”
Asgeirsson added that “Just like you don’t do your taxes with pen and paper, if you want to implement business relief, you need to work with your CPA and also take advantage of the online processes.”
Arora added that he was honored by the participation of two influential members of the House Small Business Committee in the online forum Thursday.
To view the full recording of the online forum with Rep. Espaillat and Rep Hern, CLICK HERE.
Founded in 2007, Biz2Credit has arranged more than $3 billion in small business financing. The company is expanding its industry-leading technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit www.biz2credit.com or Twitter @Biz2Credit, Facebook, and LinkedIn.