Black Experience

Congressional Leaders Call Emergency Meeting for Small Businesses Shut Out of Stimulus Program

Several Black-owned companies crippled by the coronavirus pandemic are demanding answers after being shut out of the CARES Act’s Paycheck Protection Program (PPP) and the $350 billion set aside for it.

The federal government funding mandate, spawned by assistance in alignment with the pandemic, was supposed to serve as an economic relief package for small businesses.

“Our businesses and nonprofits have suffered major losses in revenue and are just trying to survive. Others have been forced to close their doors,” said Sandra Pruitt, PFC Coalition executive director and PFC Black Chamber board member. “We are now calling for emergency assistance from Congressional leaders to keep black-owned companies from closing their doors.”

In letters dated April 22 and sent to Sens. Chris Van Hollen and Ben Cardin and Reps. Anthony Brown and Steny Hoyer, all Maryland Democrats, leaders for the coalition and chamber requested an emergency online meeting “to help our small businesses and nonprofits navigate the process, get technical assistance, and identify lenders to submit applications.”

Under the CARES Act, small businesses were defined as having 500 employees or less and could get a max of $10 million in funding. But with no safeguards in place, large companies received billions, and small companies who needed the funds were locked out.

“It’s unfortunate there was no protection in the CARES Act to ensure grants and loans reached smaller businesses who may have only needed $50,000-$100,000 to carry their payroll for a few months,” Pruitt said.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Adblock Detected

Please consider supporting us by disabling your ad blocker