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President's Message - Robust Grant Programs Needed In Next Wave of Relief

Posted By Candace Waterman, WIPP President & CEO, Wednesday, May 6, 2020
Updated: Tuesday, May 5, 2020

This week I am celebrating my second anniversary leading WIPP, and this year also marks 15 years working to elevate women-owned businesses at the regional and national levels. During this celebratory time, we are also in the midst of a crisis that has already left an indelible impression not only because of how much it changed our lives, but also for how quickly this community has come together like never before. I have never been more proud to stand together with our partner organizations, corporate partners, and especially our stalwart members who continue to define the calm in the storm. 
Candace Waterman
I do not need to tell you that this pandemic has taken an enormous toll on women-owned businesses. Our recent impact survey showed more than 71% of the respondents reported a decrease in business. Approximately 73% of our survey participants had applied for federal funding, the majority listing either the Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL) programs. On a more positive note, 89% of respondents have been able to continue operations during this pandemic as of April 15.

Another survey-based study, "Women-Owned Businesses & PPP Survey Results," found that “women-owned businesses asked for and received less money than national averages” in the first round of PPP funding. In addition, “women relied heavily on large national banks and, when they did, their likelihood of obtaining a PPP loan plummeted.” We are watching the progress of second-round funding through the PPP and EIDL and will keep you updated.  

In the coming weeks, more relief is expected. Given the urgency of capital, we are asking Congress to consider revamping the programs to separate them into loans and grants rather than a combination of the two. While small businesses will need loans with generous terms in the recovery stage of this pandemic, they need grants now. 

Joining your voice with WIPP is necessary to make an impact on Capitol Hill. Contact your Representative and Senators today and share our letter urging small business grants rather than forgivable loans. If you have questions, please contact the WIPP ACE HelpDesk at membership@wipp.org

 

 

Tags:  Advocacy  leadership  President's Message 

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