Word that the $350 billion in funds in the Paycheck Protection Program dried out today is upsetting to small business owners across the state, as well as the head of NFIB, or the National Federal of Independent Business, the state’s leading small business organization.
“On a day where 5 million more people lost their job, some in Congress are holding small businesses and their employees hostage to try and pass their own selfish pet projects. On behalf of all small businesses and their employees in Iowa, I call on all our Iowa members of Congress to immediately stand up to partisan politics and replenish the small business Paycheck Protection loan program,” said Matt Everson, NFIB State Director in Iowa.
In Des Moines, Jeff Drost is shaking his head in disbelief. The Merry Maids small business owner has seen a 50% drop in business. Daycares are closed and small kids are at home with their elderly family members. Many of Drost’s clients don’t want his employees to come into their homes. Drost calls all his clients the night before their appointments to assure them that he’s taking every precaution to ensure they are not at risk, however, many of them cancel their appointment.
“I do what I can do every day. You can’t lock the door and give up. It’s a catch 22 because I am a fiscal conservative and don’t want the government in my business. However, I need these funds to survive,” said Drost.
Drost applied for the Paycheck Protection Program a few days after it went online but still has not seen any money. He’s hoping to hold on until the end of the month. He’s thankful that even though his employees are getting money through the state’s Voluntary Shared Work Program, which gives Iowans a partial payment for unemployment insurance, they still show up to work everyday and are eager to help him stay afloat.
This week, NFIB penned letters to congressional leaders, urging them to immediately provide further appropriations to the Paycheck Protection Program (PPP), and to the Small Business Administration, strongly encouraging them to address significant funding and communication issues related to the Economic Injury Disaster Loan (EIDL) program.
