Rep. Andy Kim wants small businesses to have an easier time getting critical funding and support from the federal government, especially through the Small Business Administration.
Kim wrote a letter urging Treasury and SBA officials to make numerous improvements to how local small businesses access the money Congress is trying to give them in an effort to reduce the negative effects of the coronavirus on the economy.
“I’ve heard the deep concerns of small business owners across Burlington and Ocean Counties who are days away from having to close their businesses and put people out of work because the help Congress passed just isn’t getting to them,” said Kim in a statement.
“This is absolutely unacceptable, and it is a problem that must be fixed. I stand with my colleagues to press the Administration to make immediate changes in order to get relief to small businesses and small business owners across New Jersey who deserve to hold on to their piece of the American Dream.”
In the letter, Kim and other colleagues run down the many challenges small business owners throughout the country have had trying to apply for and get the funds they need to keep their businesses afloat. The representatives urge the administration to “issue comprehensive Standard Operating Procedure manuals” for the Paycheck Protection Program and Economic Injury Disaster loans. Having that, the members said, would help “small businesses, nonprofits and lenders know how they can quickly access or provide assistance.”
Although the programs were designed to provide immediate relief for small businesses, Kim said he is concerned that assistance will not reach many quickly enough.
“The economy is in critical condition, with some early indicators pointing to a large share of job loss coming from small businesses that may not be able to recover,” Kim continued in the letter. “To prevent further devastation of our small businesses, we ask you to provide transparency and to work efficiently to address outstanding questions and concerns.”