Entrepreneurs on the Move TM launched on April 20, 2020. This new member organization focuses on those forgotten and invisible small businesses less than 99 employees that make up 98.1% of the business community. This segment of the economy is a primary driver creating new jobs but is not represented in significant legislation because they are too small to gain representation from lobbyists. During the Covid-19 crisis, it is more important than ever for these small businesses to band together and demand inclusion in the economic recovery. Pre-Covid 19, there were approximately 30 million small businesses in the United States. How many will survive? What will the world look like as we come out of this crisis. Small business issues are more important than ever.
The Paycheck Protection Program of the CARES ACT disbursed $342,277,999,103 to 1,661,367 recipients with an average loan of $206,000 (reported by SBA on 4/16/2020). The U.S. Chamber of Commerce in a Town Hall session with Inc. magazine (4/17) reported that 250 million loan applications were submitted. If that number is correct, only 0.66% of those who applied for financial assistance received any funding. Many small businesses reported roadblocks and excessive paperwork required by banks that seemed to obstruct their access to funds that were specifically earmarked for them. This average loan amount is much too large inferring that none of the funds were dispersed to the largest share of the business community. So Who Got the MONEY? As one of the first acts of EOTM, we are organizing a national virtual march on Washington, DC on May 6, 2020 (planning date). We want and need immediate transparency on how this money was disbursed and who got it. We also want to get a full reporting of the bank processing and how many businesses with less than 99 employees (98.1% of all businesses) received any funding. Before any more funding is dispersed, these issues need to be addressed. Many of these small businesses will not survive. This will impact the economic recovery and will determine what our country looks like after Covid-19.
On April 24, at 12 CDT, Terry Toomey, Founder, Lin O’Neill, President and Zondra Evans, a strategic partner will present a panel discussion “Thrive with Entrepreneurs on the Move”.
Free Registration https://tinyurl.com/ydy3gflo
About Entrepreneurs on the MoveTM
Entrepreneurs on the Move TM (EOTM), a member organization, launched on April 20, 2020, focusing on the needs of the invisible and forgotten small businesses (0-20 and up to 99 employees). Whether it is growing your business, allowing small business owners to get training to fit their schedule, or becoming part of a community that represents the needs of small businesses, EOTM is the organization dedicated to provide resources, discounts and research/ training on new technologies to help small businesses survive this stressful time. Benefits will include discounts on software/ services, training programs, and professional services like legal and accounting. More benefits are in process and will be available as soon as discounts are negotiated. Benefits are elective and billed separately. For more information go to https://www.entrepreneursonthemove.org conquering business challenges together.