ACCA Asks White House for Swift Guidance, SBA Loan Availability
ACCA's Barton James says time is of the essence
ACCA leadership sent a letter to President Trump on March 31 to emphasize that time is of the essence regarding the U.S. Small Business Administration aid included in the CARES Act relief package signed on March 27.
In particular, ACCA president and CEO Barton James asked the White House to make sure that the government issues the loan-related guidance by its target date of Friday, April 3. He also stressed the need for participating agencies to be ready to process the likely unprecedented wave of applicants. The impact from any delay would be serious for HVAC contractors, James said.
“Thousands of small businesses are already a month into this crisis and do not have the means to fund expenses such as payroll, rent, or mortgages for much longer,” James wrote. “Many have already had to make the difficult decision to furlough workers and many more will have to do the same within the next week. This will have an increasingly profound negative affect on our ability to perform necessary maintenance on HVACR systems across the country.”
In addition to noting that each day makes a difference for small businesses in difficult straits as a result of the COVID-19 crisis, James points out that demand for HVAC service will only increase as temperatures climb in coming weeks.
The CARES Act allowed for approximately $377 billion in SBA-backed loans. James encouraged the president to boost agency staffing and funding as necessary to begin coordinating related loans as swiftly as possible. The CARES Act designated over $350 million for administering the overall package.
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