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Sarah L. Voisin/The Washington Post via Getty
New businesses are crucial to economic recovery, but they are blocked from applying to the Paycheck Protection Program.
Congress must support new business creation by extending PPP eligibility to businesses started after February 15, 2020.
The current cut-off date is arbitrary and keeps small business from getting the help they urgently need.
Lexi Reese is the COO of Gusto.
This is an opinion column. The thoughts expressed are those of the author.
When the World Health Organization declared COVID-19 a pandemic on March 11, 2020, Ashlie Ordonez was ten days away from achieving her dream of owning her own business. She d already sold her family of seven s dream home and used the money to start The Bare Bar, a salon in Denver. Then, non-essential businesses like Ashlie s were forced to close during the pandemic, and she s struggled to keep it afloat even selling her wedding ring to pay the rent. Because
Locked out of a PPP loan, one woman sold her wedding ring to keep her business afloat
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Full transcript of Face the Nation on February 21, 2021 CBSNews
Jake Sullivan, National Security Adviser
Matt Pottinger, Former Deputy National Security Adviser, Fellow, Hoover Institution at Stanford University
Mayor Sylvester Turner, (D-Houston)
Dr. Scott Gottlieb, Former FDA Commissioner
Click here to browse full transcripts of Face the Nation.
MARGARET BRENNAN: I m Margaret Brennan in Washington. And this week on FACE THE NATION, turmoil in Texas. And President Biden makes his international debut, digging in on the challenges affecting the U.S. around the world. Brutal winter weather sparks catastrophe in Texas. Millions were left in freezing cold without power, heat, or water. Dozens are dead, and there is devastation across the state. How could this happen? We ll get an update with mayors of two key cities; Houston Mayor Sylvester Turner and Fort Worth Mayor Betsy Price. Then, President Biden makes his first appearance at the world s most
Gusto COO Lexi Reese on the push to forgive small business loans amid pandemic
February 19, 2021 / 6:06 AM / CBS News
In this episode of
Facing
Forward, Margaret Brennan talks with Lexi Reese to talk about the state of small business in America during the COVID-19 pandemic. Reese is the chief operating officer of Gusto, a platform used by more than 100,000 small businesses to facilitate their payroll, benefits and HR needs. Listen to
Highlights
On whether federal aid has helped small businesses: Congress intended the PPP to accomplish two goals: help small businesses cover their near-term operating expenses, which we knew were going through the roof, and two provide an incentive for employers to retain their employees and keep them on payroll. The intent was right. The impact has not been felt well… Tons of businesses, nearly one in four business owners who have not applied for loans in round two, is because they haven t had their first loans forgiven.
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