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Chairwoman Velázquez on Status of Second Round PPP Loan Funding

Washington, April 28, 2020

Washington, D.C.— House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) issued the following statement on the status of the Paycheck Protection Program (PPP) implementation as Congress’ second round of funding is disbursed:
 

           “As the second round of PPP funding kicks in, I remain deeply concerned that the Trump Administration is continuing to fail to uphold the law and preventing assistance from reaching truly small businesses in America’s hardest-hit areas.   

           “In securing a second round of funding for PPP, Democrats fought hard to include a $60 billion set-aside for community mission-based lenders. In executing this funding, the Trump Administration must use its powers to enforce Congress’ intent and provide proper guidance and access for community lenders. By failing to do so, aid will continue to favor and flow to the well-connected corporations, not the Main Street businesses that are seeing little access to capital elsewhere.
 

           “Over the weekend, I joined Speaker Pelosi, Senator Schumer and other top Democrats in urging the Administration to further use its authority to set aside $10 billion in PPP funding to be disbursed by minority lenders and community development financial institutions, middle-men uniquely positioned to help borrowers who may lack connections to traditional banks.
 

           “Finally, without comprehensive data from the Treasury Department and SBA, we still do not have a full picture of who is receiving these loans, where they are located, and the amount being awarded. This is all the more troubling amid disturbing reports of publicly traded companies and other corporations taking advantage of the PPP program while small businesses suffer.
 

           “It will take transparency and accountability to ensure these loans are reaching small businesses in need and to restore the American people’s trust and confidence during this extremely difficult time in our history.”

 

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