Texas Border Business
WASHINGTON –Today, Congressmen Vicente Gonzalez (TX-15) and Filemon Vela (TX-34) led a response with the Chairs of the Congressional Tri-Caucus – which is composed of the Congressional Asian Pacific American Caucus, the Congressional Black Caucus, and the Congressional Hispanic Caucus – to recent reports that large corporations, rather than small businesses, received millions and even billions of dollars in loans from major banks participating in the Small Business Administration (SBA) Paycheck Protection Program (PPP).
“The Paycheck Protection Program was intended to provide a backstop for those who need it most: working families and mom and pop shops,” said Congressman Vicente Gonzalez. “The SBA let big business go first, leaving small business out in the cold. During times of crisis, we need to stand up for the little guy. ”
“It is unacceptable that big banks have chosen to prioritize big business in their distribution of the Paycheck Protection Program funds, designed specifically for the small businesses most in need,” said Congressman Vela. “I join my colleagues in calling upon corporations to give back the money received so that it can be distributed more equitably to small businesses, the backbone of our local economies. As we craft the next round of assistance, priority must be given to small, veteran, minority, and women-owned businesses. The small businesses of TX-34 deserve better in this difficult time”
The Tri-Caucus Chairs include Congressional Hispanic Caucus Chair Joaquin Castro (TX-20), Congressional Black Caucus Chair Karen Bass (CA-37), and Congressional Asian Pacific American Caucus Chair Judy Chu (CA-27). Below is the prepared statement:
“We cannot allow President Donald Trump and Senate Majority Leader Mitch McConnell to continue filling the coffers of the rich and powerful while leaving small businesses in the dust.
“Small businesses need a lifeline and we must ensure that those processing the loans are doing so in a fair, transparent and equitable manner. If we let the applications for the largest entities consume those one and two person operations, we have failed our constituents and paved the way for national economic decline. Small businesses are the backbone of this country and it essential that we prioritize Main Street. If, aside from sheer volume, some bank has depleted stimulus funds, it is incumbent upon this administration to ensure that those smallest of the small businesses are fairly considered.
“We commend the actions of corporations like Shake Shack and urge other corporations that received funds, and can continue without them, to consider following Shake Shack’s example and returning them so the loans can be distributed to those who need them most.
As the House and Senate prepare to vote on additional funding for the PPP, the Tri-Caucus Chairs call on the president, Secretary Mnuchin and Administrator Carranza, to release detailed data on the lenders, loan amounts, and recipients, and implores the administration and Congressional Leadership to equitably consider small, minority, veteran, and women-owned businesses going forward.”
