"Chairwoman Velázquez Applauds Biden Administration for Reforms to Paycheck Protection Program"
Summary
A statement dated February 22, 2021 issued by House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) after the Biden administration announced reforms intended to help the smallest small businesses access the Paycheck Protection Program (PPP). Velázquez says evidence emerged early in PPP that the smallest businesses were not getting the same access to relief as larger counterparts with ties to big banks. She says she pressed for set-asides and support for community and mission-based lenders and collaborated on the reforms. The statement says the administration is increasing PPP access for firms with fewer than 20 employees, which she says make up 98% of small businesses.
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Full text
Chairwoman Velázquez Applauds Biden Administration for Reforms to Paycheck Protection Program February 22, 2021 Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) issued the following statement after the Biden administration announced reforms intended to ensure that the smallest of small businesses can access the Paycheck Protection Program (PPP): “Shortly after the inception of PPP, evidence emerged that the smallest of small businesses weren’t getting the same access to relief as their larger counterparts with ties to big banks. For nearly a year, I’ve fought for set-asides for these small businesses and worked to empower the community and mission-based lenders that they rely on. We’ve made meaningful progress; program data shows that the distribution of funds has become more equitable as Congress has made changes. But with so many businesses struggling, there is much more work that needs to be done. “Today’s actions by the Biden administration reflect committee priorities and I was proud to collaborate on their construction. These reforms show that the President understands the reality these underserved businesses face and is committed to delivering them an equitable recovery. By increasing access to PPP for firms with fewer than 20 employees, the administration will extend access to more underserved businesses and firms owned by people of color. 98% of small businesses have fewer than 20 employees, making them integral to our economy’s foundation. Their wellbeing is essential to our nation’s overall recovery, and I look forward to continuing to work with the President to make sure they have the resources they need.”
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