House Democrats Fight To Direct Relief Funds to Small Businesses Most In Need
As the Small Business Administration struggled to respond to overwhelming demand from American small businesses for the Paycheck Protection Program (PPP) and failed to direct dollars to those that needed it most, House Democrats led the charge to address the problem.
The stimulus package passed yesterday adds an additional $310 billion to the PPP and includes Democratic-led provisions that sets aside money for smaller businesses and community lenders.
An Associated Press report found that at least 75 companies receiving PPP aid were publicly traded and some had market values well over $100 million. USA Today reported a class-action lawsuit against Wells Fargo for putting larger companies’ PPP loan requests ahead of small businesses.
Highlights of House Democrats’ Effort to Ensure SBA Funds Help Small Businesses:
CA-39: Congressman Cisneros on ABC 39 News
“I think it important that we focus on the small businesses, that we get money to more of our smaller regional banks….”
CO-06: Congressman Jason Crow on CBS 4 News
Small businesses are really struggling right now and Congressman Jason Crow is trying to make it easier for them to get loans. Those loans usually take weeks to get approved, but his bill would speed up the process to just 36 hours and all fees would be waived as well.
KS-03: Congresswoman Sharice Davids on KMBC News
[Rep. Sharice Davids] is now backing a bill in the house adding a 100 million to help small businesses hurt by the pandemic, she is also backing a move to add to add 10 billion to help startup businesses in low-income areas…
MN-02: Congresswoman Angie Craig on Fox 9 News
“It is the American Dream that’s at risk here, and I think we have to do everything in our power as the Congress to make sure as many of these independent businesses survive because that is the only way, when we are done here with this pandemic, that we are going to be able to stand this economy back up.”
“We authorized $350 billion to help genuinely small businesses, but that’s not the way it has shaken out… The Trump administration didn’t give guidance to make sure the mom-and-pops went first. That’s why when the administration asked for more money for the program, we said ‘hold on a second’…House Democrats are insisting that some share of additional funding should go to community banks that tend to serve mom-and-pop shops and smaller, disadvantaged businesses. We will fix it.”
NJ-11: TapInto: Rep. Mikie Sherrill Fights For Small Business PPP Loan Funding
“The PPP program needs more money and it needs to be distributed quickly to get people out of limbo…We need to be getting better at passing legislation. We know the money is not always going to those that need it. More effort needed to be given to address the issues with funds originally going to the wrong places.”
NV-04: Congressman Steven Horsford on CBS 8 News
Congressman Steven Horsford announced today that he wants an additional $125 billion for women-, minority- and veteran-owned businesses.
NY-19: WAMC: Rep. Delgado Takes COVID-19-Related Questions During Telephone Town Hall
“I’m also concerned, I should say, with the SBA’s recent finding that farmers are not eligible for the SBA’s Emergency Economic Injury Disaster Loan program I alluded to during my remarks with regards to small businesses. I led an 86-person bipartisan member letter calling for the SBA to change this rule and to allow farmers to access this disaster loan program that currently small businesses are able to access.”
“After weeks speaking with my constituents, it is clear that more needs to be done to help Upstate New Yorkers begin to recover from this unprecedented crisis…While we work together to build on the legislation we passed in recent weeks, Congress must remember to prioritize the families, workers, farmers, and local businesses who make our economy work.”
SC-01: ABC 4 News: Rep. Joe Cunningham calls for improvements to Paycheck Protection Program
On Monday, Representative Joe Cunningham addressed the issues faced by Lowcountry small business owners and workers in a letter to House and Senate leadership…to direct relief to the small businesses that need it the most in the next round of funding for the Paycheck Protection Program (PPP)….Cunningham also called for improvements to the PPP that would put aside funding specifically for the smallest businesses with the greatest need, increase congressional oversight of the program, and increase transparency for small business owners.
TX-32: WFAA: Small businesses wait as bigger corporations seem to receive emergency assistance first
As large corporations announce that they have successfully received loans and grants…frustration grows among the smallest of businesses…”And I have been hearing about that from folks all across my district. And I’m extremely concerned by it,” said Rep. Colin Allred, who joined a bi-partisan group of lawmakers in a letter to SBA administrator Jovita Carranza on Thursday. “We know that every day counts right now. And we are working extremely hard to get the money to them..”
VA-07: Culpeper Star-Exponent: Spanberger: Facing devastation, small businesses ‘need more funding now’
Also Thursday, as Congress negotiates the next COVID-19 relief package, Spanberger led a bipartisan clutch of colleagues to urge House leaders to cut red tape for small businesses seeking federal loans during the coronavirus pandemic. Many small business owners have criticized the rollout of the U.S. Small Business Administration’s Paycheck Protection Program as being too cumbersome and slow.
DCCC Spokesperson Darwin Pham
“From the tax cuts helping corporations to cutting healthcare access and now the PPP – Republicans would have callously pushed forward another package that once again leaves working families and small businesses out to dry in the middle of a global crisis. ‘Mom and pop’ shops and the people they employ are the lifeblood of our local economies. With these additional provisions, Democrats ensured those small businesses and everyday Americans will get the resources they need.”
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For Immediate Release: April 24, 2020
CONTACT: Darwin Pham | (916) 320 – 8699