11/27/2021 | Press release | Distributed by Public on 11/26/2021 19:43
The Consumer Bankers Association (CBA), the International Franchise Association (IFA), the National Association of Women Business Owners (NAWBO) and the US Hispanic Chamber of Commerce (USHCC) are joining forces to celebrate America's small businesses in advance of Small Business Saturday on November 27 as part of their joint campaign unveiled in May, the #SmallBusinessSpotlight. The campaign celebrates the historic partnership between millions of small businesses and the banks who helped them receive an economic lifeline through the Paycheck Protection Program (PPP). Over the last week, the groups have released testimonials across social media channels and will continue to promote these success stories throughout the weekend and over the next several months.
Recognizing Small Business Saturday this year and the ongoing #SmallBusinessSpotlight campaign, Consumer Bankers Association President & CEO Richard Hunt said:
"America's small businesses are the backbone of our economy and Small Business Saturday serves as an opportunity to thank them for the perseverance and ingenuity they have shown throughout this pandemic. CBA is proud to partner with IFA, NAWBO and the USHCC in the #SmallBusinessSpotlight campaign to highlight the historic partnership between millions of small businesses and the bankers who moved heaven and earth to ensure they received the relief they deserved. This commitment builds on our more than 200-year legacy as an industry to finance the American dream and support hardworking families and small businesses in times of need. Thanks to the work of our nation's leading banks, small businesses are poised to help drive our economic recovery forward."
What is the #SmallBusinessSpotlight?
CBA, IFA, NAWBO and USHCC launched a video series in May to celebrate the strength of America's small businesses - from neighborhood coffee shops to small and franchised operations across the country - and showcase how, working together with banks, they were able to keep their workforce employed, support local communities and drive the nation's economic recovery forward. To learn more about the campaign, visit www.smallbusinessspotlight.com or watch the highlight video below illustrating the significant impact receiving a PPP loan had on small businesses owners and their employees.
To commemorate National Small Business Week in September, CBA President and CEO Richard Hunt, IFA President and CEO Matthew Haller, NAWBO National CEO Jen Earle and USHCC President and CEO Ramiro Cavazos recognized the indelible role bankers played in helping millions of American small businesses survive and thrive during the height of the pandemic in a Morning Consult op-ed, stating:
"Take time this week to visit a small business and thank them for the sacrifices they have made during this economic crisis. They have shown tremendous ingenuity and leadership to safely reopen and remain open. Thanks to bankers, American small businesses remain strong, resilient, and poised to lead our economic recovery."
You can read the full op-ed HERE
Protecting Jobs, Paychecks & Livelihoods Across America: What Small Business Are Saying
From gyms and salons to restaurants and factories, the effects of the PPP and the role of bankers in the process were felt by small and franchised businesses of all shapes and sizes. Here's a look at what small business owners are saying:
"We were able to sustain our employees here simply because we worked closely with Comerica Bank as they guided us through the process to successfully secure the PPP loan. […] They are now working with us to make sure that we are in line to become successful in getting the forgiveness because it's going to be instrumental that Braswell remains open and financially viable for the children and families that we serve."
"I was very overwhelmed and just found myself wandering into my local TD Bank one day. The kindness the branch manager who came up to help me (was evident). You could tell she really wanted to hug me and just make me feel better, and I've never been so touched. […] Because of the PPP loan and the tedious help from (TD Bank), I was able to ease back my client load to keep myself and my clients safe."
"If we hadn't had the partnership that we had with Commerce Bank, I don't know what we would have done. They helped us step by step and practically led us through the process that we wouldn't have been able to navigate just because of daily operations to apply for the PPP loan. We were successful in getting that thanks to Commerce Bank."
"The Paycheck Protection Program was a potential lifeline to get us through the hardest of times and ensure that we could continue to pay our full roster of caregivers their full salary. We reached out to Investors Bank as soon as we learned about the PPP. They worked closely with us to ensure we would receive our funding in the first wave, and we did. We are so appreciative of the efforts from Investors Bank to support during this time of need."
"When the pandemic hit, we faced so much uncertainty. We had to make a decision: with the fall off of sales, do we hold onto our skilled staff, or do we have layoffs to conserve cash? Fortunately, our bank, M&T, was able to quickly help us get the relief who needed to save jobs, protect the health and safety of our employees and serve our customers."
"When the lockdown began, a lot of our clients restricted routine access to their facilities and pending projects were placed on hold. So, our major sources of revenue were significantly reduced. […] Thanks to PNC, we were able to keep our team on the payroll, protect their health and support our customers."
Bill Marrazzo, President & CEO of WHYY TV in Philadelphia, PA:
"The level of expertise, insight and support that M&T brought to the table cannot be understated. […] With M&T as its partner, WHYY was able to secure its PPP Loan which enabled us to maintain our payroll during a very turbulent time. […] For this, WHYY, as well as the citizens of the Philadelphia region who continued to benefit from our products and services throughout the pandemic, are truly 'indebted' to the bank. WHYY is proud to be associated with M&T Bank."
CBA's PPP Advocacy Leadership
In partnership with the Small Business Administration (SBA), America's leading banks administered more than 4 million loans worth more than $400 billion - over half the total dollar amount lent through the program. Banks also helped small businesses navigate the uncertainties of an entirely new federal program, including 132 rule changes, procedural notices, form revisions & FAQ's from the SBA. In 2020, CBA member banks represented 13 of the top 15 PPP lenders, and their efforts helped protect more than 90 million American jobs.
Last year, CBA successfully led a coalition of more than 100 associations representing businesses, non-profits and lenders in calling on Congress to streamline PPP forgiveness to help the smallest businesses receiving PPP loans. This coordinated effort led Congress to pass legislation simplifying the forgiveness process for loans less than $150,000, amounting in the equivalent of $7 billion of additional small business relief.
Commending CBA for its efforts to streamline the PPP forgiveness process, Senate Small Business Committee Chairman Ben Cardin (D-MD) said at CBA's Washington Forum earlier this year:
"I want to thank CBA for your work on [streamlining forgiveness]. You showed us the practical problems, particularly of the smaller small businesses and dealing with the bureaucracy of getting the forgivable loan forgiven."
To read CBA's letter to the U.S. House Committee on Small Business ahead of an August 31st hearing on the state of PPP forgiveness, click HERE.
To watch CBA President and CEO Richard Hunt discuss the role of banks in protecting small business jobs over the past year during an interview with Yahoo Finance on National Small Business Week, click HERE.