The government has formalised the reallocation of funds to protect the SBA 7(a) loan program. This decision ensures that small businesses retain access to essential capital for their recovery. I appreciate your dedication to securing this vital economic support for our community.
June 8, 2020
Final supporters
The U.S. Economy depends to a great extent on our small business community. The welfare of small businesses affects each and everyone of us directly or indirectly as this makes up 50% of our GDP.
The Payroll Protection Program (PPP), although necessary, as written in the bill, is depleting all available monies allocated for the standard SBA 7(a) loan program. This is causing a situation in which the program will soon run out of funds, with no further SBA 7(a) loans available through June 30, 2020.
Without the SBA 7(a) loan program, new business opportunities, expansion, and acquisitions could be greatly affected. If it is true, as many believe, that small businesses will lead us into an economic recovery, the absence of these loans could hamper the U.S.’s ability to have a rapid financial recovery and could potentially cause many small businesses to close their doors for good. We are petitioning for the reallocation of the source of the PPP funds in order to protect the resources originally intended to help all small business owners through the end of the government’s fiscal year, September 30, 2020.
In 2010, the SBA recognized the importance of small businesses by passing a recovery act allowing SBA lenders to receive a 90% guarantee on loans funded during the recovery period, while waiving all borrower fees. The resulting credit enhancement gave lenders incentive to provide small businesses with financing that they typically would not have entertained during an economic downturn. In addition, the waiving of borrower fees made it much more affordable for business owners. This provided many new jobs and stimulated the markets, shortening U.S. recovery time. This petition urges Congress to initiate and pass a new recovery act that includes the 90% SBA guarantee for loans made by lenders for at least through the end of 2020 as well as a waiver of the SBA guarantee fees for at least the same period.
Updates
Reached 1,000 supporters
May 9, 2020
May 6, 2020
The feedback from small business owners across the country confirms that the current liquidity crisis is hindering essential operations. I am currently coordinating with economic policy analysts to ensure our proposal for fund reallocation receives the proper attention from legislative offices.
May 6, 2020
The petition has reached one hundred signatures today. This initial response demonstrates that many people recognize the vital necessity of preserving the SBA 7(a) loan program for our economic stability.
Reached 100 supporters
May 5, 2020
322 Comments
This is not a request for a handout. It is a loan to get the engine turning again, and the US Government will be repaid in full by the recipients PLUS their tax receipts. A closed business generates no taxable revenue.
With millions out of work and an unknown but monumental number of businesses that will not reopen it is imperative the SBA 7(a) program be refunded for the creation of new jobs and the transition of idle assets into new ownership. Please replenish the SBA 7(a) program.
The transition of existing businesses to new owners is critical to the economy, and buyers of small businesses need access to capital to make this happen. Without the collateral to back a conventional loan, many buyers rely entirely on the SBA 7(a) program to achieve their goals.
Crucial - for displaced employees to redirect their career into business ownership, for current employees of the business to keep working there, and for the current owners to extract the value of their life's work and retire and be financially self-sufficient.
The SBA program is extremely important to the success of business succession transactions. Allowing even a temporary closing can create tremendous problems for deals that are in progress and are depending on the availability of the funds.
Please do not take away the SBA programs for small businesses. I am a commercial lender and have been in the lending space for nearly 20 years. These programs are the life blood of many small businesses and are critical to help business owners get the capital they need to start up, grow and improve cash flow. The programs are vital to the applicants in the communities we serve who otherwise would have no access to capital. The PPP loan was a good short term fix, but we need the long term solutions to help clients thrive and survive. Thank You
7A is critical to small business buying and selling it must be funded in order for an economic recovery to happen
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The government has formalised the reallocation of funds to protect the SBA 7(a) loan program. This decision ensures that small businesses retain access to essential capital for their recovery. I appreciate your dedication to securing this vital economic support for our community.
June 8, 2020
Final supporters
The U.S. Economy depends to a great extent on our small business community. The welfare of small businesses affects each and everyone of us directly or indirectly as this makes up 50% of our GDP.
The Payroll Protection Program (PPP), although necessary, as written in the bill, is depleting all available monies allocated for the standard SBA 7(a) loan program. This is causing a situation in which the program will soon run out of funds, with no further SBA 7(a) loans available through June 30, 2020.
Without the SBA 7(a) loan program, new business opportunities, expansion, and acquisitions could be greatly affected. If it is true, as many believe, that small businesses will lead us into an economic recovery, the absence of these loans could hamper the U.S.’s ability to have a rapid financial recovery and could potentially cause many small businesses to close their doors for good. We are petitioning for the reallocation of the source of the PPP funds in order to protect the resources originally intended to help all small business owners through the end of the government’s fiscal year, September 30, 2020.
In 2010, the SBA recognized the importance of small businesses by passing a recovery act allowing SBA lenders to receive a 90% guarantee on loans funded during the recovery period, while waiving all borrower fees. The resulting credit enhancement gave lenders incentive to provide small businesses with financing that they typically would not have entertained during an economic downturn. In addition, the waiving of borrower fees made it much more affordable for business owners. This provided many new jobs and stimulated the markets, shortening U.S. recovery time. This petition urges Congress to initiate and pass a new recovery act that includes the 90% SBA guarantee for loans made by lenders for at least through the end of 2020 as well as a waiver of the SBA guarantee fees for at least the same period.
Updates
Reached 1,000 supporters
May 9, 2020
May 6, 2020
The feedback from small business owners across the country confirms that the current liquidity crisis is hindering essential operations. I am currently coordinating with economic policy analysts to ensure our proposal for fund reallocation receives the proper attention from legislative offices.
May 6, 2020
The petition has reached one hundred signatures today. This initial response demonstrates that many people recognize the vital necessity of preserving the SBA 7(a) loan program for our economic stability.
Reached 100 supporters
May 5, 2020
322 Comments
Regular SBA 7 (a) should never have been part of the PPP or stimulus. We need our regular "bread and butter" SBA financing to help with business exits and growth acquisitions to help the economy. Please fund SBA 7 (a) accordingly.
This is not a request for a handout. It is a loan to get the engine turning again, and the US Government will be repaid in full by the recipients PLUS their tax receipts. A closed business generates no taxable revenue.
With millions out of work and an unknown but monumental number of businesses that will not reopen it is imperative the SBA 7(a) program be refunded for the creation of new jobs and the transition of idle assets into new ownership. Please replenish the SBA 7(a) program.
The transition of existing businesses to new owners is critical to the economy, and buyers of small businesses need access to capital to make this happen. Without the collateral to back a conventional loan, many buyers rely entirely on the SBA 7(a) program to achieve their goals.
Crucial - for displaced employees to redirect their career into business ownership, for current employees of the business to keep working there, and for the current owners to extract the value of their life's work and retire and be financially self-sufficient.
The SBA program is extremely important to the success of business succession transactions. Allowing even a temporary closing can create tremendous problems for deals that are in progress and are depending on the availability of the funds.
Please do not take away the SBA programs for small businesses. I am a commercial lender and have been in the lending space for nearly 20 years. These programs are the life blood of many small businesses and are critical to help business owners get the capital they need to start up, grow and improve cash flow. The programs are vital to the applicants in the communities we serve who otherwise would have no access to capital. The PPP loan was a good short term fix, but we need the long term solutions to help clients thrive and survive. Thank You
7A is critical to small business buying and selling it must be funded in order for an economic recovery to happen
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Regular SBA 7 (a) should never have been part of the PPP or stimulus. We need our regular "bread and butter" SBA financing to help with business exits and growth acquisitions to help the economy. Please fund SBA 7 (a) accordingly.