Leader Schumer Advances National Urban League Proposal to Direct Returned PPP Funds to Legitimate Small Businesses
May 12, 2020
NEW YORK (May 7, 2020) -- National Urban League President and CEO Marc H. Morial today commended Senate Democratic Leader Chuck Schumer for taking up the League’s proposal to use coronavirus aid returned by large public companies for legitimate, Main Street and rural small businesses and the lending institutions that serve them.
“The Paycheck Protection Program was intended for small businesses that are truly imperiled and have no alternative sources of funding and we’re grateful for the work Leader Schumer is doing to repair the damage created by loopholes in the law,” Morial said. “We’re encouraged by Treasury Secretary Steve Mnuchin’s receptiveness and hopeful that Cooperation among institutions can help restore our communities.”
The National Urban League proposed – and Sen. Schumer agreed – that the $10 billion in PPP money returned by large public companies should be targeted to businesses with fewer than ten employees and other underserved rural, minority-owned and women-owned businesses and distributed by CDFIs and Minority Depository Institutions.
“We’re confident that Secretary Mnuchin will act promptly to direct these funds for their intended purpose and we will continue to advocate to protect small businesses and underserved communities as the Rescue Plan unfolds,” Morial said.