On December 22, Gusto COO Lexi Reese and Head of Advocacy and Lead Financial Services Counsel Jeanette Quick published an op-ed on why the latest COVID-19 relief package fails to meet the needs of small businesses.
Last week, Congress passed a $900 billion stimulus package, including $284 billion in forgivable Paycheck Protection Program (PPP) loans. Reese and Quick argue that the latest round of PPP funding does not address structural flaws that made funding inaccessible to many of the small businesses that need it most, including minority-owned businesses, new businesses, and sole proprietorships.
The op-ed outlines important proposals to provide sustained support for small businesses, including fixing accessibility roadblocks in the existing PPP, prioritizing businesses that have been excluded from previous aid, addressing health insurance needs, and establishing long-term support based on economic indicators.
Read the full op-ed here.