Womply, the local commerce platform that provides apps, APIs, marketing, and financial tools to more than 500,000 small businesses, sent a letter to Congressional leaders on behalf of more than 500 trade organizations, business groups, and small businesses urging Congress to extend the Paycheck Protection Program until at least June 30th, 2021:
Dear Speaker Pelosi and Leaders Schumer, McConnell, and McCarthy:
Thank you for supporting America’s small businesses throughout the COVID-19 pandemic. The CARES Act, Omnibus COVID Relief Deal, and tireless efforts of many Federal employees saved millions of small businesses and tens of millions of jobs.
As you know, the Paycheck Protection Program (PPP) is scheduled to end on March 31. We urge Congress to extend the PPP until at least June 30th, 2021.
Last Monday, President Biden and the Small Business Administration (SBA) announced changes that are intended to make the PPP more inclusive and accessible to under-served businesses. We applaud the direction of these changes and the renewed effort to build upon and improve the PPP.
However, these changes will make it even harder for the millions of businesses working on PPP applications to submit them to the SBA before the deadline. Some of the undersigned lenders already have hundreds of thousands of backlogged PPP applications. Many applications will require revisions after new rules are published this week. And another wave of applications is widely expected.
There is simply not enough time in the next month for the SBA and ~5,000 lenders to convert rule changes into technical, content, support, and compliance updates and then get new applicants processed, approved, and funded. Therefore, many eligible businesses, independent contractors, sole proprietors, and self-employed people will not be approved before the March 31st, 2021 deadline.
A diverse set of organizations, companies, and individuals are working hard to achieve the goals set forth by Congress and supported by the President. Massive outreach efforts are underway to reach the smallest businesses, those in low-and-middle-income communities, and any who have been under-served to date. Data, technology, and human capital are being applied to help every eligible small business get funding. Many organizations are eager to partner with the SBA and to continue investing to help businesses get access.
We all want small businesses to survive so we can rebuild our communities. Therefore, we ask that you extend the Paycheck Protection Program until at least June 30, 2021.
Submit press inquiries to Justin Davies: firstname.lastname@example.org
Womply’s mission is to help local businesses thrive in a digital world. Founded in 2011, Womply is a local commerce platform that provides apps, APIs, marketing, and financial tools to make local commerce happen for over 500,000 American businesses and their customers. All of Womply’s products and services are powered by the Womply Commerce Graph, a proprietary data asset that offers the most complete view of local commerce. To learn more, visit www.womply.com or email email@example.com.