Letter to Congress

Dear Majority Leader McConnell, Minority Leader Schumer, Speaker Pelosi and Minority Leader McCarthy:

We thank you for your leadership in the Congress and your tireless efforts to address the unprecedented global COVID-19 pandemic. Passage of the Families First Coronavirus Response Act last week was a major step in supporting the millions of Americans impacted by COVID-19.

We believe there is more to be done and it is essential that Congress acts immediately to stabilize the economy and support America’s small businesses and workers, who are facing a grave threat to their survival.

1. This crisis is urgent, and a swift solution is crucial. Layoffs are already affecting vast numbers of American workers. Hourly workers worked 59% fewer hours last Saturday than they did on the same day last year (per Homebase). Every hour, more people will be laid off and more companies will face closure or bankruptcy.
2. It is imperative for the continued success of our nation’s small businesses and economy that Congress comes together and acts as a united force. The stimulus bill must be passed immediately, and we strongly support the text released this past weekend that would allow small business non-bank lenders to quickly advance capital to struggling businesses within hours rather than weeks.
3. The private sector is ready to help including with data, expertise, and engineering resources. We seek no gain from this crisis. Our only aim is to protect the millions of small businesses that we are proud to call our customers.

We ask that you act decisively, with one united voice, by supporting legislation that provides the Treasury Department with the flexibility needed to inject upwards of $500 billion in discretionary funding into small businesses. This will allow financial institutions, credit unions, online lenders, payroll processors, and other financial services and technology companies to provide a critical lifeline to businesses nationwide.

Our companies stand ready to support you and the American economy. We ask that you provide a path forward to help mitigate this national crisis in small businesses hour of need.

Sincerely,

Rohit Arora, Co-Founder & CEO, Biz2Credit
Mark Ruddock, CEO, BFS Capital
Eyal Lifshitz, Founder & CEO, Bluevine Capital Inc.
Ryan Rosett, Co-CEO, Credibly
Jim Granat, SVP Head of Small Business, Enova International
Max Rhodes, Co-Founder & CEO, Faire
Victor Ho, Co-Founder & CEO, FiveStars
Matt Doka, Co-Founder, FiveStars
Eyal Shinar, Founder & CEO, Fundbox
Jared Hecht, Co-Founder & CEO, Fundera
Aman Thakral, Co-Founder, FundRocket
Bernardo Martinez, U.S. Managing Director, Funding Circle
Alex Kinnier, Co-Founder & CEO, GetUpside
John Waldmann, Co-Founder & CEO, Homebase
Rushi Patel, Co-Founder, Homebase
Kathryn Petralia, Co-Founder, Kabbage
Robert Frohwein, Co-Founder, Kabbage
Doug Lebda, Founder & CEO, LendingTree
Brock Blake, Founder & CEO, Lendio (Lendo is not a lender, but they partner with SBA-approved lenders to help businesses access PPP)
Kyle Mack, Co-Founder & CEO, Middesk
Noah Breslow, CEO, OnDeck Capital
Zach Perret, Co-Founder & CEO, Plaid
Allison Page, Founder & CPO, SevenRooms
Joel Montaniel, Co-Founder & CEO, SevenRooms
Stuart Wall, Co-Founder & CEO, Signpost
Zach Goldstein, Co-Founder & CEO, Thanx
Marwan Forzley, CEO, Veem
Mike Vichich, Co-Founder & CEO, Wisely
Cory Capoccia, Co-Founder & President, Womply
Toby Scammell, Founder & CEO, Womply