Next Steps for Small Business Owners in the Economic Crisis

     It is, and will be, a difficult time for small business owners.   There is little doubt that we will be among the victims of the current credit crunch, and without Congressional action we will be adversely affected.   This is a very fluid situation, with the actual bills being drafted, debated and negotiated while you are in fact reading this.   So, how do you respond?   What is actually being written and voted on - and how do you know whether you support the legislation, or not?

   No one expects small business owners to be experts on the legislative bills being considered by Congress, and you can't be - they are often hundreds of pages long.   But your voice is very important as evidenced in the vote on Monday in the House of Representatives which defeated the bill.  What you can do is write or call your elected officials and tell them what you think of the issue and how it affects you.   Following are some of the issues you may choose to address in your communication.

1. Are your banks/credit sources drying up because of the credit crisis?
2. Do you think the rescue by the government is essential to freeing up capital for small businesses?
3. Do you think Congress should waive loan fees for SBA loans - would that be helpful?
4. Should Congress take additional actions to stimulate small business growth, for example boosting the federal contracting for small businesses, providing additional tax breaks to businesses, etc?
5. Should Congress raise the government insurance on bank deposits from $100,000 to $250,000?  If so, how would that help your business?

   Don't hesitate to contact them directly, either through their district office or their Washington, DC office.  It would also be helpful if you would send a copy of your communication to the WIPP office to Megan Markoff at mmarkoff@wipp.org.   We are in constant communication with Congressional staff and our ability to provide actual situations is extremely helpful.   If you need some assistance, let Megan know.   She will be glad to help you.

   Click here for a copy of the actual bill language that the Senate will consider this evening, and we will provide you with the House version as soon as we receive it.   Click here to see WIPP's statement on the Rescue Package.   Click here to see a comparison between the WIPP statement and Senate Rescue Package.

   WIPP will continue to put together clear and succinct explanations of what is unfolding in Congress, as well as tools and resources that you can use to help you during this difficult time on the WIPP website, so please check it frequently.   It is important for you to have as much clear and comprehensive information as possible, as the situation unfolds, in the near term and overthe next few months.