Prayer #24: For Additional Financial Help for U.S. Small Businesses
It was just recently announced that the $359 billion allocated for small business relief has already run out, due to the overwhelming number of requests across the nations from small businesses struggling to survive the economic effects of the Coronavirus. This large amount of funding which was part of the Cares Act economic stimulus package passed by Congress and signed into law by President Trump on March 27. That was only just over three weeks ago, and already, available funds have expired under the act's Payroll Protection Program, under which small businesses and non-profit organizations (less than 500 employees) were eligible to apply for loans covering 2.5 times the average monthly payroll expenses for the organization. If by the end of June 2020, the business or non-profit has the same or more number of employees as when it received the loan, the loan will be forgiven in its entirety. This provides not only economic stimulus for these small businesses but also encourages them to keep their employees through this economically difficult period. In Congress, there has been discussion of passing an additional $250 billion of Payroll Protection Program funds, but right now there is a stalemate as the exact details of whether or not additional things such as hospitals and medical facilities should also be eligible for financial assistance.
We want to pray for the financial needs of small businesses and non-profits in our country. Many of these---especially those who have had to remain closed during the Coronavirus crisis---are in deep financial distress, and have had to lay off or furlough their employees. These businesses really need this financial help very badly. Some are very small businesses or family businesses with very limited resources. Pray then for Congress to come to a quick agreement on additional funds for the Payroll Protection Program so that relief could be speeded on its way to these businesses and non-profits. Pray that help would come rapidly to those most in need and most deserving of this assistance. Pray that God would superintend this process.
Lam. 3:22-26: "The steadfast love of the Lord never ceases, His mercies never come to an end; they are new every morning; great is Thy faithfulness. 'The Lord is my portion,' says my soul, therefore I will hope in Him. The Lord is good to those who wait for Him, to the soul that seeks Him. It is good that one should wait quietly for the salvation of the Lord."