Beautiful Virgin Islands

Wednesday, Jan 15, 2025

Chamber of Commerce CEO to Congress: Expand SBA funding by Monday or everyone will 'get blame'

Chamber of Commerce CEO to Congress: Expand SBA funding by Monday or everyone will 'get blame'

"I think where we have to focus right now is let's take care of the little guys. They're critical to this economy”: U.S. Chamber of Commerce CEO Tom Donohue
Lawmakers must put politics to the side and agree on a plan to expand the small business rescue loan program by Monday, U.S. Chamber of Commerce CEO Tom Donohue told media on Friday.

“We all understand it. We’re coming up on an election,” he said on “Closing Bell.” “If they don’t, nobody’s going to get credit and everybody’s going to get blame.”

Congressional Democrats and the Trump administration will spend the weekend negotiating another emergency funding bill intended to resume the Paycheck Protection Program, the $349 billion small business loan program that maxed out on Thursday.

The Small Business Administration, which oversees the system facilitated by banks, stopped receiving loan and lender applications for the program after it reached the appropriated limit.

“They’re doing a good job under a difficult circumstance, but we’re out of money,” Donohue said, “and it’s time to put some more in and, by the way, it’s not the last time we’re going to have to do it.”

The talks follow failed efforts by Senate Republicans last week to advance a $250 billion extension of PPP and later Democrats to push through a $250 billion measure for small businesses, hospitals and other priorities.

Small businesses are the backbone of the U.S. economy, which is in the midst of a severe downturn.

“I think where we have to focus right now is let’s take care of the little guys. They’re critical to this economy,” Donohue said.

“Don’t think one party is going to do better than another on this.”

The new legislation would be the fourth in a series of emergency spending bills, including the historic $2.2 trillion CARES Act, passed by lawmakers since March. Officials have moved quickly to blunt the economic damage of the global coronavirus pandemic and subsequent shutdown orders across the United States, which nearly depleted consumer spending and business revenues in multiple industries.

Countless restaurants, retail stores, barber shops and other local businesses have closed their doors and tens of millions of individuals have filed unemployment claims in recent weeks due to coronavirus fears. The U.S. Chamber of Commerce found in a survey that a majority of small businesses, 54%, have shut down or plan to shut down temporarily within two weeks.

“What most people lose sight of is many, many of those small companies work as subs and assistants to the big companies, so there’s a very tight relationship,” Donohue said.

President Donald Trump signed the massive stimulus package, which directed billions in spending toward families, workers and businesses, in late March in a rare bipartisan moment in Washington.

With the small business loan commitments at their limit, the demand for funds remains high as companies seek to keep employees on their payrolls. It is not certain how many entities have received money.

Donohue, whose lobbying group represents about 400,000 small businesses, said about 1.5 million companies have received financing. There are about 30 million small enterprises in the U.S. and many won’t be able to get their hands on any money, he said.

“Now we’re looking at what we’re trying to do to finance in a way that these smaller companies, particularly the substantive ones, can hold on to their employees until we can move through to a point where the economy is back percolating,” he said.

The U.S. Chamber of Commerce tends to support Republican initiatives, though it also has a history of supporting Democratic priorities.

“Nobody should try and take credit, because everybody is going to get the blame, both parties, if we don’t do it,” Donohue said.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
France Urges EU to Act on Musk's Political Influence as Tensions Rise
Former Special Forces Blast Defense Ministry for Revealing Sensitive Details
Celebrity Responses to California Wildfires: Charity, Criticism, and Controversy
The Wildfires of Los Angeles: A Devastating Impact on Celebrities and California's Leadership
Tragic Loss: Teenager's Death Sparks Community Reflection in Bedford and London
UK Government Proposes Cap on Resale Ticket Prices to Combat Touts
Greenland's Future Caught in Diplomatic Crossfire Between Trump and Europe
EU Prepared to Lead Support for Ukraine Amid US Uncertainty, Says Estonian Prime Minister
Brompton E-Bike Component Diverted to UK Military Drone Production, Causes Delays
Romanian Gang Convicted of Human Trafficking and Exploitation in Dundee
Persistent Cold Snap Grips the UK: Severe Frost and Snow Disrupt Daily Life
Germany Faces Alarming Rise in Homelessness, New Report Shows
China’s Appetite for Salmon: A Game Changer in Global Seafood Markets
Russian Bots Allegedly Amplified NATO Critic Prior to Croatian Election, Researchers Reveal
Armenia Considers EU Membership Referendum Amid Strained Ties with Russia
French Finance Minister Explores Pension Reform Compromise to Secure Budget Agreement
Armenia Considers EU Referendum Amid Growing Rift with Russia
New Wildfire Ignites in Los Angeles as Region Battles Devastating Blazes
The Espionage Unraveled: A Russian Spy Network's Intricacies in the UK
U.S. Supreme Court Rejects Trump's Bid to Delay Sentencing in Hush Money Case
UK Financial Markets Remain Calm Amid Rising Government Borrowing Costs
Stellantis Achieves UK Electric Vehicle Sales Mandate Amid Factory Closure
TikTok Faces Potential Ban in the United States Amid Security Concerns
Pound Plummets to 14-Month Low Amid Concerns Over UK Borrowing Costs
Tensions Rise Over Planned Pro-Palestinian March in London
Bomb Scare in Central London: Abandoned Car Sparks Panic Near Regent Street
Police Seek Suspect in Antisemitic Incident at Liverpool Street Station
Regulatory Reprimand for London Charity Over Fundraising for Israeli Soldier
The Duchess of Sussex Mourns Devastating Loss of Beloved Rescue Dog
From Chairman to Controversial Politician: Rupert Lowe's Journeys in Business and Politics
Metropolitan Police Halts Pro-Palestine March Near BBC Due to Proximity to Synagogue
Inside Warwick Hospital: A Glimpse into the NHS's Battle Against Winter Pressures
Chappell Roan: A Synth-Pop Sensation Emerges as BBC Sound Of 2025 Winner
Search Intensifies for Missing Aberdeen Sisters Eliza and Henrietta Huszti
Pioneering Drug Consumption Room Opens in Glasgow
Ryanair Initiates Legal Action Against Disruptive Passenger in Landmark Case
Former Brexit Negotiator Oliver Robbins Appointed Top Civil Servant at UK Foreign Office
British Hiker Found Deceased Amidst Dolomites Search: Investigation Underway
Pound Falls as UK Borrowing Costs Reach Financial Crisis Levels
Italian Journalist Cecilia Sala Released from Iranian Detention
OpenAI CEO Sam Altman Faces Allegations of Childhood Sexual Abuse by Sister
OpenAI CEO Sam Altman Denies Sister's Allegations of Sexual Abuse
UK Markets Under Pressure as Gilt Yields Surge
Arrest Made in Connection to Stabbing of Iranian Journalist in London
Arrest Made in Fatal Drive-By Shooting Outside London Church
Parliamentary Suspension Over Racist Remarks Highlights Tensions in UK Politics
Debate Intensifies Over Call for Child Abuse Inquiry Amidst Musk's Comments
Mark Zuckerberg's U-Turn: Moving Toward Free Speech on Facebook and Instagram, For a Change
Britain's authorities' support for pedophiles has gone insane
Canadian Prime Minister Justin Trudeau has finally announced his resignation from a role he should never have held in the first place
×