Apr 23, 2020 - Economy

Chamber of Commerce president: PPP 2.0 won't be enough

Chamber of Commerce president Suzanne Clark told Axios on Thursday that Congress' replenishment of the Paycheck Protection Program loan fund will not be enough to sustain small businesses through the coronavirus pandemic.

The big picture: The PPP (Paycheck Protection Program) is meant to help small businesses weather the toll of closures and economic pain from the coronavirus restrictions.

  • The Senate passed a $484 billion interim coronavirus funding bill on Tuesday that allocated $322 billion towards replenishing the program. The House will vote on it Thursday evening.

Clark said Congress will have to allocate "at least another $250 billion" in order to hold small businesses over: "They can't start working on the next round fast enough."

  • Clark said that gradual re-openings are inevitable, stating: "We're free enterprise people, so we don't think this is going to be government aid and assistance forever."
  • "We have to help people who are in real pain right now, and then we have to sensibly and safely reopen so that Americans have access to their paychecks again," she added.

Note: Axios qualified for a loan under this program. More details here.

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