More than 3,000 small business owners on Wednesday urged Congress to authorize the Small Business Administration (SBA) for the first time in more than 20 years.
In a letter from Goldman Sachs’ 10,000 Small Business Initiative, small business owners called on lawmakers to modernize the SBA, which relies on antiquated technology, and work to process COVID-19 relief loans for businesses.
“The SBA is on the front lines of the federal government’s response to the pandemic, helping millions of small businesses stay open and retain their employees. But the pandemic has also exposed major gaps, inefficiencies, and the need for SBA reform to more effectively support our the nation’s job creators and innovators,” they wrote.
Goldman also launched a TV ad showing calls for reauthorization by senators from both parties. The company hopes that a divided Congress that began in January will view SBA reauthorization as one of the few bipartisan bills that Democrats and Republicans can unite to support.
About 2,500 small business owners from Goldman Sachs Group Inc. raided Capitol Hill in July to rally support for reauthorization. They warn that a recession could decimate large numbers of small businesses already battling inflation, supply chain hurdles and high interest rates.
Advocates say reauthorizing the SBA will ensure more small businesses have access to funding and make its programs easier to implement.
Feel. Kyrsten Sinema (D-Ariz.) and Tim Scott (RS.C.) expressed hope that lawmakers will finally reform the SBA at the July event.
“I believe it will happen,” Scott said. “I hope it happens soon.”