Small Businesses Applaud House Passage of American Rescue Plan, Want Senate to Keep the Bill as Strong
On the House passage of the American Rescue Plan today, Main Street Alliance Government Affairs Director Didier Trinh had this to say:
“Passing the American Rescue Plan has given small businesses on their last legs hope that we can make it through this crisis. We urge swift passage, in full, by the Senate to get needed relief to those who need it most.
There are many pieces of this critical, comprehensive plan centered on public health and economic recovery that are particularly important to small businesses.
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.