Arizona business leaders welcome new funding, see need for more
Apr 24, 2020, 10:44 AM | Updated: 10:46 am
PHOENIX – The latest round of coronavirus aid to stimulate the economy is needed, but it isn’t nearly enough, an Arizona business leader said Friday.
President Donald Trump signed a $484 billion package that included an additional $310 billion for small businesses.
“The Payroll Protection Program will likely run dry again next week,” Arizona Chamber of Commerce President and CEO Glenn Hamer told KTAR News 92.3 FM.
But small companies should jump into the application process now, Greater Phoenix Economic Council President and CEO Chris Camacho said.
“It’s estimated the one of every six Arizona small businesses were awarded funding in the first round” of paycheck plan,” he said.
Almost 420,000 Arizonans have filed for unemployment for the first time in the past five weeks, as the virus outbreak ravages the economy.
“Well over $1 trillion will likely be needed so all of the eligible small businesses receive funds and every penny is worth it to save the backbone of America, our small businesses, as we work to get to the other side of this pandemic,” Hamer said.
“In Arizona, retail, bars and restaurants, hotels have been decimated. Health care, manufacturing and tourism have been hit hard as well,” Hamer said.
The new bill includes a $250 billion funding request for payroll protection.
There’s also $60 billion for small business loans and grants delivered through the Small Business Administration’s existing disaster aid program.
Camacho said eligible business owners should get on top of the paperwork.
“In the first pass of the [plan], a significant number of errors or inaccuracies within the documentation led to a number of companies not receiving the funds or being shifted to the back of the queue,” he said.
The latest measure passed through Congress almost unanimously this week.