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.
PPP Extension Critical - and provides opportunity to address sole proprietor needs through retroactive application of current rules
March 25, 2021
“With the Biden Administration’s recent, critical changes to the Paycheck Protection Program, adding a couple more months of eligibility will be key for businesses needing extra time to apply or waiting on opening of industry-specific grant funds. We urge President Biden to sign this extension immediately. There is still a glaring gap in PPP accessibility, however, which is to make the current revenue rules for sole proprietors retroactive, as was done for small farmers last year, so they can access the funds they deserve and desperately need. Over 90% of BIPOC small business owners are sole proprietors, and for many this change came too late. With the extended timeline, there is no excuse not to retroactively address the massive disparities in PPP access and financial support.”
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.