With nearly a quarter of small businesses facing permanent closure as a result of the COVID-19 pandemic, the U.S. Chamber of Commerce is launching a new effort to push for financial aid and other support for those companies.

The Save Small Business Initiative will feature a four-part campaign including financial aid, resources and guidance, advocacy and polling, as well as a call to action for the larger business community and government to help small businesses, the Chamber said in a statement.

The financial aid portion will consist of a special fund established by the business group to provide $5,000 supplemental grants to small employers in economically vulnerable communities.

"Our nation is facing a crisis that requires an unprecedented level of support and collaboration between government and business," Chamber CEO Tom Donohue said. "The Save Small Business Initiative is a multifront battle plan to combat the ongoing economic destruction and lay the foundation for recovery."

A recent poll of small businesses conducted by the Chamber found that 54% of respondents have closed or will close at least temporarily within the next two weeks. Nearly one in four respondents said they were within two months of permanent closure.

The Chamber is calling on business leaders and large businesses to marshal their resources and talent to help small businesses. It is also urging federal, state, and local governments to accelerate schedules paying small business vendors and other contractors.

"Since the pandemic began, we have watched many companies rise to the challenge and leverage their core competencies to combat the pandemic and mitigate the impact of the virus," Chamber President Suzanne Clark said. "Now, we need others who are willing and able to contribute their unique expertise and much-needed resources to help small businesses survive."

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