NAWBO Implores Congress to Take Action
NAWBO members say a second round of PPP funding will be crucial to keep people on the payroll.
WASHINGTON, Sept. 10, 2020 /PRNewswire/ -- The National Association of Women Business Owners (NAWBO) is asking Congress to please take action to help the millions of women business owners struggling to remain open as the pandemic stretches into its sixth month. According to a recent NAWBO survey, 60% of respondents still see a decrease in their revenue.
"It's simple—our women business owners need help. We need Congress to act," explains Cristina Morales Heaney, NAWBO National Board Chair. "While some of our members are in better shape than others, the ones that are hurting need assistance immediately. Our recent survey results showed that if states must shutter again, 38% are concerned about their business failing with the vast majority of those believing they only have 3 to 9 months to stay afloat," Heaney continued.
Other highlights from the survey included:
- NAWBO members received assistance from federal programs: 41% applied for the Economic Injury Disaster Loan, and 56% applied for a PPP loan.
- Of the respondents, who are mothers, more than 50% described themselves as "I am business owner, mom, and teacher with no break in sight."
- To survive the pandemic, 20% say they need access to capital, almost 20% said they need additional resources to expand online, and 25% of respondents said they need more time to work on their business.
Before the August recess, NAWBO sent two letters outlining concerns for the organization and its members. On July 24, 2020, NAWBO requested for Congress to include the Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act (S. 4227) and the Small Business Expense Protection Act of 2020 (S.3612) into the next relief package. The organization also signed on to a letter requesting that lawmakers include 501(c)(6) organizations in the next round of relief.
About NAWBO
Founded in 1975, NAWBO is the unified voice of America's more than 10 million women-owned businesses representing the fastest-growing segment of the economy. NAWBO is the only dues-based organization representing the interests of all women entrepreneurs across all industries. NAWBO develops programs that help navigate women entrepreneurs through the various stages of their business growth. To learn more, please visit www.nawbo.org.
SOURCE National Association of Women Business Owners
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