Congress Told Small Business Owners are Facing Financial Ruin

#Congress #retailers #restaurants #consultants #manufactures #financial #ruin #PPP #SBA #loans #NYSE


From retailers and restaurants to consulting and manufacturers, small-business owners are facing a future of potential financial ruin that will make the nation’s current economic downturn last years longer than it must,” the America’s corporate leaders said in their letter. “We cannot stress enough the urgent need to act.”

A group of US corporate leaders pressed Congressional lawmakers for additional, longer-term support for small businesses, including federally guaranteed loans that could be turned into grants, at least partially, for those hardest-hit by the medical emergency chaos.

The CEOs are calling for action as Democrats and Republicans remain far apart on a new virus stimulus package — which would include a portion for small businesses. Both sides are considering a second round of PPP, which was extended to Aug. 8 and still has billions of dollars available.

Another round of PPP would be helpful, but it would not be enough, the CEOs said in their letter.

The PPP, which launched on 3 April 3, has approved more than 5-M loans totaling about $520-B, according to the Small Business Administration (SBA). Supporters say it helped millions of firms keep 10’s of millions of workers employed.

Monday, the major US stock market indexes finished at: DJIA +236.08 at 26664.40, NAS Comp +157.52 at 10902.87, S&P 500 +23.49 at 3294.61

Volume: Trade on the NYSE came in at 872-M/shares exchanged

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias

  • NAS Comp +21.5% YTD
  • S&P 500 +2.0% YTD
  • DJIA -6.6% YTD 
  • Russell 2000 -9.7% YTD

Looking Ahead: Investors will receive Factory Orders for June Tuesday

Have a healthy day, Keep the Faith!