As you know, small businesses are the backbone of our nation’s economy. For these small enterprises, delayed payments can cause financial consequences. The U.S. Chamber of Commerce has adopted the ‘Prompt Pay Pledge‘ (PPP) to help with this problem. Joining us on today’s episode of the U.S. Chamber of Commerce Update is Tom Sullivan, the Vice President of Small Business Policy at the U.S. Chamber of Commerce, to discuss the newly launched initiative.
Small suppliers are an essential component of the economic environment in our nation and require access to funding to expand. Under the Prompt Pay Pledge, businesses are urged to provide private financing options or promise to pay their small business suppliers more quickly.
Key Takeaways:
1. The PPP initiative’s primary goal is to lessen the consequences and trickle-down impact that come with promptly paying a vendor or supplier.
2. The Chamber is enthusiastic about the project for two reasons: first, it is a business-led effort managed by businesses; second, it has the potential to benefit both large and small enterprises.
3. The program is based on the idea that larger companies require and desire reliable vendors/suppliers; therefore, according to Sullivan, “it’s in their best interest to generate better-performing vendors, which the PPP aids SMBs in.”
4. On the Chamber’s website, SMBs can find tools, advice, and resources to help them encourage some of their larger clients to make payments more quickly.
5. The latest MetLife survey revealed the highest confidence in SMB operations since the pandemic was surged by their own cash flow and success.
6. For more information regarding the Prompt Pay Pledge, head to the U.S. Chamber of Commerce website and apply today.
“Being able to capitalize on the Chamber's credibility to help SMBs is one of the best parts of the job.” – Tom Sullivan
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