While hard hit small businesses await more federal money to be pumped into the Paycheck Protection Program, the U.S Chamber announced a plan this week a competitive grant program offering $5000 grants.
To combat the economic destruction threatening the survival of small businesses in every town across America, the U.S. Chamber of Commerce today launched the Save Small Business Initiative — a nationwide program to address small businesses’ immediate needs, mitigate closures and job losses, and mobilize support for long-term recovery.
The Save Small Business Initiative features a four-part campaign including financial aid, resources and guidance, advocacy, and polling, as well as a call to action for the larger business community and government to help small businesses
“Our nation is facing a crisis that requires an unprecedented level of support and collaboration between government and business,” said Tom Donohue, CEO, U.S. Chamber of Commerce. “The Save Small Business Initiative is a multifront battle plan to combat the ongoing economic destruction and lay the foundation for recovery.”
A recent poll conducted by the Chamber and MetLife found that more than half of small businesses (54%) have closed at least temporarily or will close in the next two weeks. One in four (24%) are two months or less away from permanently closing.
“Small business owners are fighting day and night to keep their workers employed and their dreams alive. Already, too many small businesses have shuttered, and millions more are teetering on the brink of permanent closure,” said Suzanne Clark, President, U.S. Chamber of Commerce. “These small businesses touch every family and every block of every town across America. And they need our help right now.”
“We cannot and will not allow our country’s critical small business sector to collapse,” she said.
The Chamber is calling on every business leader and large company across the country to marshal available resources, talent, and unique capabilities to help small businesses in any way they can. Recognizing that many midsize and large companies also have been hit hard by the pandemic and the economic fallout, the Chamber is developing recommendations for companies that are in a stronger position to leverage their resources, core competencies, and new ideas to assist small businesses.
In addition, the Chamber is calling on federal, state, and local governments to consider additional mechanisms to support small businesses, including accelerating payment schedules for small business vendors, suppliers, and other contractors.
“Since the pandemic began, we have watched many companies rise to the challenge and leverage their core competencies to combat the pandemic and mitigate the impact of the virus,” Clark said. “Now, we need others who are willing and able to contribute their unique expertise and much-needed resources to help small businesses survive.”
The U.S. Chamber of Commerce Foundation is launching the Save Small Business Fund. Funded by contributions from corporate and philanthropic partners, the Foundation will provide $5,000 supplemental grants to small employers in economically vulnerable communities. The Foundation is launching the grant fund in partnership with Vistaprint and with support from Merck, S&P Global Foundation, and Travelers.
For more information on the Save Small Business Grant Fund, visit https://www.uschamber.com/save-small-business.