CHICAGO, April 9, 2020 – The Association for Corporate Growth today sent a letter to Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi regarding consideration of additional funding of the U.S. Small Business Administration’s Paycheck Protection Program.
ACG Global President and CEO Thomas Bohn and ACG Global Board of Directors Chairman Martin Okner urged Congress to waive the overly broad “affiliation” rules that are unfairly preventing countless small businesses from being eligible to receive the assistance they desperately need.
ACG contrasted the record 16 million in unemployment claims against its recent member survey which estimates another 5 million jobs are at risk. More than one-third of survey respondent reported eligibility for the program, but a larger number of firms are excluded. ACG wrote, "The have and have nots are mirror images of one another. They all employ hardworking Americans, none of whom wants to lose their job".
Last week, ACG sent a letter to the U.S. Secretary of the Treasury Stephen Mnuchin and Small Business Administration Administrator Jovita Carranza urging them to allow small businesses with, equity investors, to access relief provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The interim final rule issued last week did not extend that access.
To support the expansion of the PPP and the survival of U.S. small and medium-sized businesses, ACG encourages currently ineligible companies to contact their members of Congress.
Today's letter can be viewed here.
Association for Corporate Growth
About the Association for Corporate Growth®
Founded in 1954, ACG has 59 chapters across the globe. ACG’s worldwide network comprises 90,000 professionals within the middle market, including 15,000 members who serve as the investors, lenders, owners, executives and advisers to growing middle-market companies. ACG’s mission is to drive middle-market growth. The organization’s official publication, Middle Market Growth®, highlights stories important to the ACG membership.