FOR IMMEDIATE RELEASE
February 21, 2021
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716
BIDEN’S PPP REFORMS WILL ENSURE PUBLIC INVESTMENT GOES TO SMALL BUSINESS INSTEAD OF CONNECTED CORPORATIONS, WEALTHY DONORS
President Biden’s Reforms and the American Rescue Plan Will Give Much-Needed Relief to the Hardest Hit Small Businesses
But Now That Biden Is Taking Steps to Ensure Well-Connected Donors & Big Corporations Can’t Cut In Front Of The Line, GOP Lawmakers Are Opposing Additional Relief For Small Businesses
Sen. Ben Cardin and Small Business Advocates Will Discuss These Updates and the Need for Additional Relief for Small Businesses in a Press Call Organized By Invest In America Tomorrow at 11AM ET — Register Here
WASHINGTON, D.C. — Today, President Biden announced new reforms to make the Paycheck Protection Program (PPP) more equitable and accessible to ensure that small businesses will primarily benefit from crucial public investment, not the massive corporations like Newsmax and Hallmark which received aid in the previous packages during the Trump Administration.
“President Biden’s reforms are a crucial step to ensuring that public investment reaches the small businesses that need it most — not the well-connected corporations that were able to cut the line during the previous administration,” said Maddy McDaniel, communications director for Invest In America Action. “This clear signal of the Biden Administration prioritizing small business should be welcome news. However, GOP lawmakers are opposing additional aid for small businesses in the American Rescue Plan, a 180-degree turn from their support of previous packages. One reason could be the $15 billion for mom-and-pop shops on Main Street that can’t go to their wealthy and well-connected donors.”
BACKGROUND ON GOP LAWMAKERS’ RAPIDLY DECLINING SUPPORT FOR PUBLIC INVESTMENT AND COVID RELIEF FOR “SMALL” BUSINESSES
Congressional Republicans supported the first coronavirus relief packages after they successfully stymied efforts to make PPP funds easily available to many of the hardest-hit small businesses. Instead, they let well-connected donors and wealthy businesses cut the line.
As a result, smaller businesses lost out on Paycheck Protection Program loans to larger businesses in the first two rounds of the relief.
Through reforms, executive orders, and the American Rescue Plan, President Biden is working to give the most impacted small businesses priority access to PPP loans.
But now that smaller businesses will actually get the aid, Republicans are opposing more small business aid.