Congress recently let the Paycheck Protection Program (PPP) expire without any clear indication as to when we’ll see additional support. This is incredibly disappointing for the numerous small businesses that are holding on by a thread.

When I received my PPP loan, it wasn’t even enough to cover payroll for a two-month period. With business down and no end in sight to the pandemic, I need more funding if my business is going to survive.

Congress has proposed that businesses experiencing at least a 50 percent revenue loss should have access to second-round loans. I fear that I wouldn’t qualify under those proposed requirements, but that doesn’t mean that the losses my business has endured aren’t devastating.

This is why I’m calling on Congress to rethink this proposal by lowering the proposed threshold for a second round of PPP loans in order to support more struggling businesses through this difficult and unprecedented time.

Erica Robertson

Herndon

(17) comments

BobOhneiserEsq

PPP and stimulus support to individuals is a big help during this pandemic caused turmoil but the threshold should be significantly lower than what was done before. Multi-million businesses and multi-hundred thousand income families should not be TAKING such tax dollars in my opinion. This should be a safety net to avoid eviction, bankruptcy and foreclosures only or else we are just saddling our children with trillions of debt that the wealthy will enjoy the income from forever. :-)

More Cowbell

Our children are screwed because of the career corrupt politicians giving in to lobbyist. Most politicians are millionaires. I'd like to see changes, like only pay them an hourly wage, about $15/hour, no healthcare coverage, no pension, 2 weeks PTO(sick/vacation), and only allow them a staff of 1(not up to 18 at over $1.25 million cost to taxpayers each year). Give them a reason not to stay in for 20, 30, 40+ years.

amerigirl

That would not work for many businesses. With no health coverage you would need socialized medicine or many people will die. Pensions are pretty much a thing of the past which is why they shouldn't mess with Social Security. Just having investments in the market is risky since the market is not always stable. True that most people in Congress are millionaires but The top 10 percent of wealthiest lawmakers have three times more wealth than the bottom 90 percent, not to menton that most of them had money before they ran. But being a millionaire is not all that impressive anymore, there are 18.6 million of them in the US.That is a pretty high jump from 11 million millionaire households just 3 years ago. Do you think there should be term limits?

Voltaire

AG--I extremely disagree on your assumption about markets. It depends on what and how you invest. If you don't know what you are doing and try to play in commodities, options, foreign exchange, yes you can lose your shirt. However, active market participants, like myself, can/do make some serious money in both domestic and global markets. As for Social Security, the Congress has already "messed" with Social Security. It's solvency is questionable at best.

More Cowbell

Appears reading comprehension is not your strong point. I did not mention businesses for making changes. I specifically called out corrupt career politicians to lose their benefits and only be paid an hourly wage. Then maybe they'd leave after 4-6 years instead of sticking around for 20, 30, 40 years.

amerigirl

Volt, there is nothing you can do to control a market crash, or decline. Smart investing is good but you cannot control all that happens.

Voltaire

AG—actually, yes, you can. People understand that markets go up and they can go down too. As to market declines, you can protect your portfolio through the use of put options. Further, you can short the market and make money as the market declines. You can also invest in precious metals/commodities and/or international/emerging markets as well and make good returns on capital. Given that the interest rates today are less than 1%, people don’t have any real alternative but investing in the market as the rate of return on bank accounts, Money Market Accounts is negligible. Active management is the way to make money. However, it does involve work.

amerigirl

Cow, my mistake sorry. But you sure didn't miss that opportunity to be nasty.

amerigirl

Volt, still there is nothing people can do about a crash. It is all a matter of timing and that is not possible for everyone. People don't sit and watch the market 24/7. When there are huge declines the market shuts. The Securities and Exchange Commission approved "circuit breakers" that would automatically halt trading for a quarter of an hour if prices fluctuated too rapidly. They shut the week of 9/11, they have even shut down due to squirrels chewing cords (twice). If the market is crashing every minute counts

Chris McHale

Term limits - YES

amerigirl

Chris, totally agree, term limits. What do you think of trump saying he wants a third term as a do over?

More Cowbell

I agree, however some will complain that business owners pocketed the money(which is a lie). Sure there were many scams/fraud committed because just like any govt bill, some will always figure a way to get something they don't deserve. My PPP loan only lasted 2 months and met the requirement for it to become 100% grant. Of course more paperwork for me to fill out to prove where the money went. Most businesses that were shut or partially open during COVID, are at 50% or less after opening(we were shut down for 2+ months). And this will continue for at least 6 more months or more.

amerigirl

Actually some businesses did pocket the money because the accepted it and fired their employees. Though I doubt it was widespread I only heard that the Small Business Administration shows 64 companies in 2 states and VA was not one of them.

More Cowbell

There was fraud, as usual with any govt handout. A handful have been caught. Many small businesses will or have shutdown due to Gov of VA forcing them to shutdown. At least 33%. VA will be hurting for years to come, expect higher taxes as usual.

amerigirl

But doesn't that just mean that your business was non-essential and it was to try and contain the virus? Isn't it the same policy that Govs from other states are doing to try and protect people? Look at states that opened too early and have had to close businesses down while their cases and deaths increased. I'm pretty sure not having that happen was the goal for Northam.

More Cowbell

85% of businesses that were allowed to stay open weren't essential. While stores like Wegmans had 1000s in the store at 1 time, most not wearing masks. Very simple solution, shut everything down for 2-3 weeks, back in March.

More Cowbell

An Ashburn lady(and Northern VA man) were caught trying to claim they had 11 or so businesses to get SBA loans. And somehow a bank processed at least 1 loan for them(probably inside person helped them). See article in Loudoun times.

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