A new loan program championed by The Transportation Alliance (TTA) has gained significant traction over the past 10 days, and has now caught the attention of Congress and the White House.
TTA President Tom Arrighi
According to a press release from the association, the proposed $500 billion federal loan package would provide low-interest loans of up to $10 million per eligible small business, to be repaid to U.S. government after 10 years. The loans would be reserved for small businesses that are critical to the supply chain and help with the immediate reopening of the economy. It focuses on critical sectors like manufacturers, resellers, defense industrial base, health care, financial services, construction, and transportation providers.
Loans would be intended for small businesses with fewer than 1,500 employees with revenues under $40 million. Only U.S.-owned and -operated small businesses that have been in operation for at least seven years with a proven track record would be eligible.
The pragmatic and fiscally responsible plan has received immediate support from hundreds of businesses and trade associations representing more than 310,000 companies and employing 8 million workers across the United States. There has been a growing interest from Congressional leaders and White House staff over the details of this plan, its focus on immediately "jump-starting" the economy, and the fiscal responsibility that proves you can move the economy forward without further increasing the deficit. Leaders have applauded this plan designed for small businesses by small businesses and not government.
"Small businesses have the workers and the proven track record, and the U.S. government has the investment capital," said TTA President Tom Arrighi. "This is an investment that focuses on Made in America by small businesses who employ tens of millions of American workers. Together, we can get America back on its feet through a partnership with government, small businesses, and our amazing workforce."
To voice your support for Small Business Jump-Start America Act, contact Paul Miller, legislative counsel to TTA, at pmiller@mwcapitol.com and 703.383.1330.
Visit thetransportationalliance.org for more information.
[05.26.20]