Across the country and throughout this state, 2020 has been a difficult year. The pandemic has not only spread illness, but also economic pain through small business closures and job losses. But Georgians have persevered.
Business owners quickly adapted to keep their doors open and their employees safely on the job. With grit and determination, the people of this state have diligently worked to continue serving their communities. And federal, state, and local leaders have provided critical support for the economy, protecting both the lives and livelihoods of all Georgians. Senators Kelly Loeffler and David Perdue deserve our thanks for their strong bipartisan leadership on behalf of Georgia in the U.S. Senate.
Credit: handout
Credit: handout
Through the struggles of this year, bipartisan government leadership has been paramount to deliver consistent and substantial support for businesses still operating. At the state level, we have seen Gov. Brian Kemp, Lt. Gov. Geoff Duncan, and House Speaker David Ralston work across party lines to pass critical legislation, manage the pandemic, and jumpstart our economic recovery.
At the Federal level, the CARES Act, supported by Georgia’s entire congressional delegation, delivered billions of dollars in relief to the small business community. A critical component of the law was the Paycheck Protection Program (PPP). PPP loans, which will convert to grants for most businesses, have been a lifeline. They are helping small companies keep employees on the job, allowing their owners to weather this health crisis, and putting them in a solid position for recovery. According to a news story in The Atlanta Journal-Constitution this past summer, roughly 152,000 relief loans were issued to Georgia businesses of all sizes with additional small businesses here receiving financial relief in one form or another. This support saved more than 1.4 million jobs, according to federal government data. In addition, the CARES Act delivered federal support to local and state governments.
Credit: contributed
Credit: contributed
However, there is still much more work to do and plenty of people and businesses struggling. The small business sector is a significant component of Georgia’s economy, comprising 99% of all businesses in Georgia. About 371,000 are minority-owned and, collectively, they employ roughly 1.7 million people. These businesses have endured temporary closures, restrictions on doing business, reduced capacity, and in some cases, lower customer demand. Georgia business owners have been challenged like never before, and even those who have weathered the storm thus far still face uncertainty.
The same is true nationally. A poll released by MetLife and the U.S. Chamber of Commerce found that 58% of small businesses worried they would have to permanently close, and that was before this fall’s surge in COVID-19 infections. Gallup found that more than half of small businesses said they will need at least a year to recover from the pandemic.
The good news is that there is a growing sense of optimism, with promising vaccines likely on the very near horizon. But we have to ensure that businesses in Georgia and across the country can get through the months to come — and that will take bipartisan leadership.
Consistent, strong, and dedicated leadership is what Georgia needs to keep moving forward through the recovery and into a more resilient economic future. Please take the opportunity to vote for business and for hardworking Georgians all across the state. For information on how you can participate in runoff elections for Jan. 5, 2021, please visit www.securevotega.com or www.gasupportthevote.org today.
Tom Donohue is CEO of the U.S. Chamber of Commerce. Chris Clark is president and CEO of the Georgia Chamber of Commerce.
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