Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) issued the following statement on the Trump Administration's latest COVID-19 relief proposal:
"Just this week, we have learned the economy has lost a record 22.1 million jobs since the beginning of the pandemic with many of those losses occurring at small businesses.
"Unfortunately, the Trump Administration’s proposal fails to meet the needs of our country’s smallest businesses and employees. Since the start of the pandemic, women and minority-owned small businesses that serve our hardest-hit communities have faced the greatest needs but the least support.
"These businesses -- our local restaurants, hotels, retailers, entertainment venues, movie theaters, and family-owned and operated bodegas -- were particularly harmed by the Trump Administration’s “first-come-first-serve” approach to the Paycheck Protection Program (PPP).
"But the Administration is now requesting that Congress consider small business relief alone and in a far more inadequate form. Only providing assistance through PPP ignores the pleas Congress has heard from small employers – the ones most at risk as we enter flu season – that PPP is inadequate to meet their needs.
"Through the Heroes Act, Democrats offer urgent assistance to our country’s neediest small businesses, including
expanding PPP to more businesses and struggling nonprofits
offering a second PPP loan draw
improving the SBA’s Economic Injury Disaster Loans (EIDL) and Advances,
strengthening core SBA lending programs for long-term recovery assistance
creating Lifeline grants for the smallest, hardest hit businesses
utilizing the expertise of states and localities to provide small businesses with needs-based grants
expanding and extending immediate debt relief on SBA loans, and
establishing grant programs for restaurants and entertainment venues.
"I remain hopeful that the White House will join us to work toward a relief package that addresses the health and economic crisis facing America."