Senators Cory Booker (D-NJ) and Ben Cardin (D-MD) have released a proposal to prevent underserved and small businesses from falling further behind during and after the coronavirus economic minorities, women, and those in rural areas as key drivers of job and productivity growth.
“Failing to help these vulnerable small businesses runs the risk of extending this economic crisis while also limiting our economy’s ability to recover after we defeat COVID-19,” the proposal states.
The proposal will also set aside $10 billion for CDFIs with a proven record of reaching underserved borrowers and Minority Depository Institutions, or MDIs, to support loans to underserved small businesses.
According to a national survey of 50 small businesses on PPP loans conducted by Creative Investment Research, out of the 60% of respondents who applied for the program, 33% got some level of funding.
The senators’ proposal has been endorsed by National Urban League, National Action Network (NAN), Main Street Alliance, Small Business Majority, and the Black Economic Alliance.
