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RE: As small businesses continue to navigate the pandemic, it is ill-timed for Congress to divert or suppress necessary resources provided to marginalized businesses and mission-based lenders: We urge Congress to extend the deadline for section 1112 payments identified in the CARES Act to provide extended authority above its September 27, 2020 cutoff to December 31, 2020. 

RE: Last month, the Page 30 Coalition sent another letter to Congress regarding the forthcoming economic relief stimulus package. While we support the long-term, low-cost loan program envisioned in the Continuing Small Business Recovery and Paycheck Protection Program Act, such proposals are not sufficient to combat the ongoing financial devastation in underserved markets. Any expansion of loan programs, including PPP or the proposed recovery sector loans, must be paired with intentional legislation that focuses on underserved communities.

RE: We collectively write lawmakers to ensure that historically disadvantaged small businesses are served in the forthcoming economic relief bill. On behalf of the dozens of national, state, and local organizations that have united to advocate for underserved and rural communities, the Page 30 Coalition, writes you today to ensure that historically disadvantaged small businesses are served in the forthcoming economic relief bill. Our coalition is named for Page 30 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which urged the prioritization of our communities.

Press release from the Treasury Department announcing enhanced transparency around the Paycheck Protection Program

Letter from Senator Rubio and Senator Cardin about the PPP to Secretary Mnuchin and SBA Administrator Carranza

RE:We collectively urge legislators to create equity- based legislation that will safeguard communities prioritized on Page 30 of the CARES Act. 

On behalf of the dozens of national, state and local organizations that have united to advocate for underserved communities, the Page 30 Coalition, writes you today with recommendations for future COVID-19 response legislation.

New Coalition Calls for Prioritization for Underserved and Rural Small Business Communities in Coronavirus Response

Ensuring Minority Depository Institutions and Community Development Financial Institutions get fair share of funds allocated by the Paycheck Protection Increase Act of 2020: The undersigned civil rights, faith, and community development organizations write to seek that you direct the Small Business Administration (SBA) to  designate that Community Financial institutions (CFIs) receive one-third of the $30 billion set aside for three groups of lenders—CFIs, small insured depository institutions, and credit unions—pursuant to H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act.

Facilitating Over $3.4 Billion in PPP Loan Applications—and Expanding Our Reach: Since the Paycheck Protection Program (PPP) went live on April 3rd, Gusto has helped more than 70,000 customers get the documentation required to apply for aid to help them take care of their teams and protect their businesses. 

Member Day Hearing on COVID-19 Response and Recovery: Committee on Small Business: Participating Members will testify before the Committee about their feedback and priorities as they relate to the Paycheck Protection Program (PPP) established under the CARES Act and the economic injury disaster loan and grants made available to small employers impacted by COVID-19.

Rubio Sends Letters to Large Banks Participating in the Paycheck Protection Program: U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, sent a letter to a number of large banking institutions who participate in the Paycheck Protection Program requesting information on their application process amid recent reports certain large banks prioritized borrower applications, which is a violation of congressional intent of the program. 

House set to pass $483B COVID bill; Lawmakers jockey over next package: The House is set to pass the $483 billion interim coronavirus package later today that will replenish the small-business lending program and increase funding for hospitals and states to increase testing, sending the bill to President Trump’s desk for his signature.

Big Banks Ready to Flood the Zone With New Applications for SBA Loans: Big U.S. banks are preparing to flood loan applications into the government’s emergency financing program for small businesses the moment Congress replenishes it with $320 billion in additional funding. Packets ready to go at just a few of the largest firms stretch into the tens of billions of dollars.

Be Fair to African-American Small Business: Even in better times, black business owners were denied bank loans at triple the rate of nonminority business owners.

CARES-2 Needs To Step Up And Support Black & Brown Small Businesses: “The money is gone” was the news headline many American small business owners woke up to on the morning of April 17th. In less than two weeks, the federal relief effort designated to help small businesses weather the COVID-19 storm went through all of its funds, to a fraction of those in need. 

SBA data breach compromises business owners’ data: A data breach in the Small Business Association‘s online application portal may have compromised personal information for nearly 8,000 businesses seeking emergency loans last month, the agency said today.

Kilmer Introduces Bipartisan Legislation to Help Small Businesses Weather the Coronavirus Pandemic: Today, Representatives Derek Kilmer (WA-06), Jaime Herrera Beutler (WA-03) and Madeleine Dean (PA-04) introduced new legislation to significantly expand the Small Business Administration’s Paycheck Protection Program to ensure that every qualified small business is able to access the critical assistance they need to retain their workforce and cover basic operating costs for the full duration of the unprecedented coronavirus pandemic.

Shake Shack is returning its PPP Loan. Here’s why: On March 27, when both branches of Congress and the White House came to an agreement to provide sweeping financial assistance via the $2.2 trillion CARES Act, many of us in the restaurant industry cheered with a big sigh of relief...

Black-Owned Businesses Could Face Hurdles in Federal Aid Program: Minority business owners have always struggled to secure bank loans. Now, many banks want to deal only with existing customers when making loans through the government’s $349 billion aid package.