MADISON, Wis. – Treasurer Sarah Godlewski today sent a letter to Wisconsin Congressional leaders to call on them to take action to support small businesses. Small businesses make up 99.4% of Wisconsin’s economy, and many are still struggling due to the current economic conditions caused by the COVID-19 pandemic.
“Thousands of small businesses across our state are still struggling to make it during these tough economic times. These small businesses make up our Main streets and are the lifeblood of their communities,” said State Treasurer Godlewski. “We need Congress to act to ensure that our small business owners have the resources they need to keep their doors open and their employees safe as we work towards economic recovery.”
A recent study found that 84% of businesses who received PPP loans have depleted those funds, and one in five report they will need to close their doors if economic conditions do not improve. Despite these dire consequences, Congress has been gridlocked and unable to pass meaningful measurers to support Wisconsin’s small businesses. This letter from Treasurer Godlewski calls for Congress to extend the deadline to apply for the Paycheck Protection Program funding through the end of the year, allow borrowers to apply for a second round of funding, and pass other measures that will bring needed relief to small businesses hit hardest by the economic downturn.
Last week the Treasurer highlighted small businesses from different industries and areas of the state for National Small Business Week. Small businesses are essential to the economic stability of Wisconsin, and the Treasurer continues to advocate for them.