Main Street Alliance Applauds President Biden Signing Infrastructure Investment and Jobs Act- Urges Congress to Take Up the Build Back Better Act Immediately
November 15, 2021
In response to President Biden signing the Infrastructure Investment and Jobs Act into law today, Co-Executive Director of Main Street Alliance, Chanda Causer, had this to say:
“The Infrastructure Act’s critical investments in our roads, bridges, supply chains, and broadband networks, particularly important for our rural small businesses, are needed to rebuild the economy and support entrepreneurs across the country. Main Street Alliance and our member businesses applaud President Biden for signing the Infrastructure Act into law. We are particularly supportive of the law-making permanent and expanding the Minority Business Development Agency - the only federal agency solely dedicated to supporting minority-owned businesses. With the passage of the IIJA and continued legislative movement on Build Back Better, we are on the precipice of a more equitable economy….
Fair Lending Advocates Applaud CFPB’s Plan To Shine A Light On Small Business Lending Through Section 1071 Loan Data Collection
September 1, 2021
“We are encouraged by the release of the proposed rule from CFPB on long-overdue and much-needed implementation of Section 1071. Our small business members care about equitable access to credit, especially for women- and BIPOC-owned businesses, who have historically been left out of credit markets. The current data is inadequate to fully understand, let alone remedy, the extent to which discriminatory lending creates credit deserts for small businesses and businesses owned by women and people of color. Collecting this data is key to effectively implementing this rule and ensuring a thriving small business economy,” said Didier Trinh, Director of Policy and Political Impact for Main Street Alliance.
As the Restaurant Revitalization Fund and Paycheck Protection Program Come to an End, Congress Must Make More Small Business Grants Available
May 25, 2021
With key federal relief programs out of funds, more than 1,500 business organizations and small business owners nationwide express need for unrestricted direct grant assistance for hard-hit small businesses.
“Main street businesses have been crying for flexible grants from the beginning. Great strides have been made, but with many businesses not able to access PPP now that banks have shut down applications, and industry specific grants ending without meeting the full need, it’s time to heed that call for all small businesses,” said Stephen Michael, Executive Director of the Main Street Alliance.
Small Biz applaud bipartisan Senate bill to make critical PPP updates retroactive, say it's urgently needed
April 21, 2021
On the bipartisan Senate introduction of a bill to make changes to the PPP for sole proprietors and farmers retroactive, Main Street Alliance Government Affairs Director Didier Trinh had this to say:
“The bill introduced by Small Business Committee Chair Senator Cardin and a bipartisan group of Senators across the country to retroactively allow sole proprietors and farmers to use gross revenue to calculate PPP amounts is a critical fix to addressing the major gaps for our smallest businesses. Making it even more imperative is the fact that minority-owned businesses are around 30% more likely to be sole proprietors.
Small Business Groups Applaud Plan to Repeal Rule that Protects Predatory Small Business Lenders
March 25, 2021
Main Street Alliance joined 325+ groups representing all 50 states and DC called for Congress to overturn a rule that helps high-cost lenders evade state interest rate limits
Main Street Alliance applauded the announcement that Senator Chris Van Hollen (D- MD), Senator Sherrod Brown (D-OH), and Congressman Jesus “Chuy” García (D-IL-4) will introduce Congressional Review Act (CRA) resolutions to eliminate a regulation enacted late last year that helps lenders charging 139% APR or more on small business loans evade state interest rate laws. The resolutions are expected to be introduced today in the Senate and tomorrow in the House of Representatives.
South Carolina Plant Suffers Layoffs at Hands of Corporation Despite PPP Loans
A South Carolina tire factory owned by a global corporation received a substantial loan from the Small Business Administration for pandemic relief while many genuinely small businesses — especially those owned by people of color and women — were unable to access the program.
Despite the generous loan, Giti Tire furloughed all of its workers for about one month and many workers were laid off permanently, according to a new study.
Biden Administration Announces Fix for Paycheck Protection Program that will Boost Relief for Black and Latino-Owned Businesses
The Biden Administration's updates to the PPP are a welcome recognition of the major gaps and challenges to the program. These updates will help expand access, but more is needed to support small businesses. From retroactive application of these updates, to flexible grants outside the PPP program itself we look forward to continuing to work with the Administration to center Black, brown, women-owned and our smallest business owner needs, who have been disproportionately impacted by both the crisis and least likely to receive support.
White House Commitment to Smallest and Minority-owned Businesses Key to Solving Economic Crisis
The investment in supporting small businesses through the relief programs must also be matched with a long-term commitment to expanding equitable access to capital and increased technical assistance to support new and growing small businesses after the crisis. The COVID crisis has revealed and exacerbated pre-existing barriers to capital for such firms, including small business redlining, usury credit rates and practices, and lack of other supports and technical assistance needed to launch and grow a successful business. Main Street Alliance has outlined key small business priorities for this immediate crisis, and beyond, and looks forward to working with the administration to implement these priorities.