The frustration is palpable. The anger is boiling over. Small business owners are aggreived at the manner in which the PPP and EIDL money is being distributed. This $300+ billion dollar boondogle was announced to aid small businesses; it has been gobbled up by corporate chains, franchises and big business. Very little money has gone to the actual small businesses that are out there – day to day – trying to make a living. Each is only now just getting by or worse, falling into negative territory.
The law defines small business as fewer than 500 employees. By that standard, 99.9% of American business is eligable for what was thought to be the little guys. There are 5,884,000 small businesses defined as 1-99 employees; they employed 42M people. (per US Census 2107, the latest figures available). These people have gotten crumbs, zip, ziltch, squat, nearly nothing. They are at the back of the line to receive this lifeline money. These businesses, small shops, stores, service people, contractors, professionals are not only the backbone of America, they are America. Not one person thought when they heard the news four weeks ago that the money was intended for anyone but these people.
The problem is that small business is defined as less than 500 employees. Truly a raw deal being given. The definition of small for the purpose of doling out the money is 500 employees or less. According to SBA statistics, 99.9% of all American businesses fall into that catagory. Every business which is truly small, 1-99 employees, has been put in the back of the line while the Big Boys belly up to the trough. This is wrong. This wrong must be righted.
Should things get bad enough, and in all liklihood they will, all of these 1-99 small businesses will be filing a chapter 7 bankruptcy. The pigeons will be coming home to roost America. Congress take action. Trump, right this wrong.