April 09,2020

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Wyden Calls for Cash Assistance for Small Businesses in Next COVID-19 Stimulus

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today called for cash assistance for small businesses to be included in the next coronavirus (COVID-19) response legislation. Wyden previously introduced legislation that would provide small businesses with $1 million or less in gross receipts and 50 or fewer employees with a check equal to 30 percent of the gross receipts reported in a previous year, up to $75,000.

“Demand for loans under the CARES Act has been enormous, but getting that funding out the door has turned out to be a bureaucratic train wreck for banks and the SBA. Congress should expand on the CARES Act programs for small businesses, but what Main Street needs as soon as possible is a quick infusion of cash without so much bureaucracy,” Wyden said. “Without additional action, I fear that many small businesses won’t open their doors again. Small businesses need an influx of cash, plain and simple. They don’t have the cash flow to survive for more than a month or two and many may not want to take on more debt. Cash assistance would supplement loans and the retention credit to help small businesses stay afloat. It could be used for non-payroll expenses that small business owners need to meet. I’m going to push hard for including my proposal in the next package.”