A Biz2Credit survey conducted on Election Day found that more than half (51%) of the 200 small business owners who responded believe that Republicans will do the most to help small businesses recover from the COVID-19 pandemic, while nearly one-third (32%) felt the Democrats would do a better job. Less than 1% said a third party would be better for small business owners, 2% said neither major party would do a better job, and 15% said they did not know.
Read More: DRC Enters Gartner Magic Quadrant for P&C Core Platforms
Poll Question: Which party do you think will help small businesses the most to recover from the COVID-19 pandemic?
| Republicans | Democrats | Third Party | Don’t Know | None | ||||||
| Small Business Owners | 51 | % | 32 | % | 0.5 | % | 15 | % | 2 | % |
The respondents were participants in a webcast, Stimulus and the 2020 Election: What Is at Stake for Small Businesses, hosted by Biz2Credit on Nov. 3, 2020. The presentation examined how economic stimulus negotiations in Washington might impact America’s small businesses in the future. Topics included the possible continuation of the CARES Act’s Paycheck Protection Program (PPP), “blanket forgiveness” of PPP loans up to $150,000, tax credits for the purchase of masks and other protective provisions. The webcast also looked at the role the SBA has played in the recovery of small businesses, including its oversight of PPP with the Treasury Department and its Economic Injury Disaster Loan (EIDL) program.
“Before the coronavirus pandemic hit in late February, small businesses in America were thriving under the robust economy. But their fortunes have declined dramatically ever since,” said Biz2Credit CEO Rohit Arora, one of the nation’s leading experts in small business finance. “Revenues have dropped substantially for countless businesses across the nation, while fixed costs remained the same or even grew owing to the need for PPE and new safety measures related to the pandemic. Companies that took PPP money were required to maintain full staffing levels even as levels of business activity declined greatly.”
Read More: Solovis Launches New Risk Analytics Platform Designed for Asset Owners and Allocators
“Many small businesses have been operating in the red for many months at this point. With the coronavirus numbers still rising, and the possibility of another shutdown of the economy being discussed, it could be the death nell for thousands of small businesses across the nation,” Arora added. “Uncertainty will rule the day until a vaccine for the coronavirus is approved and widely distributed.”
“The PPP small business loan program is one of the most successful government programs of all time and a true bipartisan success story. During the height of the pandemic, PPP loans were distributed to over five million small businesses, saving 51 million jobs. However, the program expired in August and has since been the victim of partisan wrangling,” said Alfredo Ortiz, President and CEO of the Job Creators Network, an organization that positions itself as “the voice of Main Street.”
”Senate Majority Leader Mitch McConnell said today that he wants a Phase 5 stimulus bill passed and signed into law by the end of the year. We fully support this goal,” added Ortiz, who joined the Biz2Credit webcast to share insights into how stimulus proposals have been viewed by small business owners across the country. “A new stimulus bill, with a PPP extension, is the highest priority for our small business community. Our message to congressional leaders in both parties: Let’s get it done!”
Read More: Ackroo Acquires GGGolf
