NEW YORK, Nov. 05, 2020 (GLOBE NEWSWIRE) -- A Biz2Credit survey conducted on Election Day found that more than half (51%) of the 200 small business owners who responded believe that Republicans will do the most to help small businesses recover from the COVID-19 pandemic, while nearly one-third (32%) felt the Democrats would do a better job. Less than 1% said a third party would be better for small business owners, 2% said neither major party would do a better job, and 15% said they did not know.
Poll Question: Which party do you think will help small businesses the most to recover from the COVID-19 pandemic?
Small Business Owners
The respondents were participants in a webcast, Stimulus and the 2020 Election: What Is at Stake for Small Businesses, hosted by Biz2Credit on Nov. 3, 2020. The presentation examined how economic stimulus negotiations in Washington might impact America’s small businesses in the future. Topics included the possible continuation of the CARES Act’s Paycheck Protection Program (PPP), “blanket forgiveness” of PPP loans up to $150,000, tax credits for the purchase of masks and other protective provisions. The webcast also looked at the role the SBA has played in the recovery of small businesses, including its oversight of PPP with the Treasury Department and its Economic Injury Disaster Loan (EIDL) program.
“Before the coronavirus pandemic hit in late February, small businesses in America were thriving under the robust economy. But their fortunes have declined dramatically ever since,” said Biz2Credit CEO Rohit Arora, one of the nation’s leading experts in small business finance. “Revenues have dropped substantially for countless businesses across the nation, while fixed costs remained the same or even grew owing to the need for PPE and new safety measures related to the pandemic. Companies that took PPP money were required to maintain full staffing levels even as levels of business activity declined greatly.”
“Many small businesses have been operating in the red for many months at this point. With the coronavirus numbers still rising, and the possibility of another shutdown of the economy being discussed, it could be the death nell for thousands of small businesses across the nation,” Arora added. “Uncertainty will rule the day until a vaccine for the coronavirus is approved and widely distributed.”
“The PPP small business loan program is one of the most successful government programs of all time and a true bipartisan success story. During the height of the pandemic, PPP loans were distributed to over five million small businesses, saving 51 million jobs. However, the program expired in August and has since been the victim of partisan wrangling,” said Alfredo Ortiz, President and CEO of the Job Creators Network, an organization that positions itself as “the voice of Main Street.”
”Senate Majority Leader Mitch McConnell said today that he wants a Phase 5 stimulus bill passed and signed into law by the end of the year. We fully support this goal,” added Ortiz, who joined the Biz2Credit webcast to share insights into how stimulus proposals have been viewed by small business owners across the country. “A new stimulus bill, with a PPP extension, is the highest priority for our small business community. Our message to congressional leaders in both parties: Let’s get it done!”
About the Biz2Credit
A leading online business funding source founded in 2007, Biz2Credit has arranged more than $3 billion in small business financing since its inception. Biz2Credit is focused on funding what’s next for small business. The company leverages data, cash flow insights, and the latest technology to give business owners an automated small business funding platform to fit their financial needs. With over 350 employees globally, the Biz2Credit team – comprised of top-notch engineers, marketers, and data scientists – is building the next generation in business lending solutions.
Biz2Credit has been named to Inc. Magazine’s Private Titans list for 2020, is a three-time winner of the Deloitte Technology Fast 500, and was named a Great Place to Work in 2020 and 2019. Headquartered in New York City, the company recently raised a $52M Series B round of investment in 2019. Visit www.biz2credit.com or Twitter @Biz2Credit, Facebook, and LinkedIn.
About Job Creators Network
Job Creators Network is a nonpartisan organization founded by entrepreneurs like The Home Depot co-founder Bernie Marcus who believe that many government policies are getting in the way of the economic freedom that helped make this country prosperous. Job Creators Network believes the best defense against bad government policy is a well-educated public and accomplishes this through employee education.
Media Contact: John Mooney, (908) 720-6057, firstname.lastname@example.org