Big businesses and fraudsters took advantage, while small businesses suffered

On President Biden’s signing of bills aimed to combat COVID-19 fraud, Main Street Alliance Executive Director Chanda Causer had this to say:

“COVID-19 relief measures, like the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL), were intended to keep our small businesses, households, and economy afloat. Unfortunately, the Trump Administration did not put in place appropriate safeguards. Big businesses and fraudsters took advantage, while small businesses suffered and many closed for good. According to a report by the U.S. House Committee on Small Business, the lack of responsible oversight severely impacted Black-owned businesses. They were less equipped to handle mandated closures, more likely to be located in areas with high volumes of COVID cases, and had less access to relief. 

“These new laws can’t bring our small businesses back, but they can hold bad actors accountable. They also demonstrate the kind of responsible government oversight small businesses need. Main Street Alliance urges lawmakers to reallocate any retrieved funding to support small businesses. Businesses that are still struggling to overcome the impacts of the pandemic should be the priority. This includes businesses owned by historically marginalized people, who were shut out by banks, and those in heavily impacted industries.”

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