Received this e-mail from Sarah Riggs Amico’s (D. GA) U.S. Senate campaign:
There’s no denying it: Thanks to the coronavirus pandemic, we’re seeing the beginning of a difficult economic downturn here in Georgia and across the country.
Small businesses, the kind of companies that employ nearly 50% of American workers and are the backbone of this country’s economy, have been the hardest hit.
And while the small business paycheck protection loans included in the CARES Act and subsequent expansions have certainly saved jobs, we have to make sure that the hundreds of billions Congress approved to keep Americans employed through this crisis is actually going to the small businesses that need it most.
That’s why I’m calling on Congress to make sure the next coronavirus relief package includes transparency provisions for small business loans so we know that the money is getting where it can do the most good. We need to know exactly what companies received relief loans, how much they were given, and what they plan to do with it.
Here’s the thing: Even though the Paycheck Protection Program has helped some Main Street businesses keep their employees paid, relief funding has also gone to Wall Street and large, profitable corporations who don’t need it as much as mom and pop stores desperately do.
And the money for small businesses just keeps running out. Because of how the PPP was structured, up to 90% of businesses owned by people of color have been shut out of the program. That’s unacceptable, and will only make this economic crisis hit communities of color worse.
I know how important it is to keep folks employed during an economic downturn — I saw it as my family worked to build a business and save jobs through the Great Recession. And I know that the businesses that are at risk of laying their employees off are the mom and pop restaurants, local grocers, family-owned landscaping companies, and more small and local businesses like them.
These are the small businesses we need to protect — so they can protect their employees.
You’ve heard the phrase, “Too big to fail.” Small businesses might not have the same clout in Washington as Fortune 500 companies, but there’s nothing “small” about their combined economic impact. That’s why we have to protect small businesses in the next relief bill, and why we need to make sure the next coronavirus relief package is transparent about where relief aid goes.
Thank you for your support.