Cárdenas, Chu, Veasey Urge House Leadership to Include Reporting Requirements on PPP Loan Approvals
WASHINGTON, DC – Today, Representatives Tony Cárdenas (CA-29), Judy Chu (CA-27), and Marc Veasey (TX-33) sent a letter to Speaker Nancy Pelosi and Minority Leader Kevin McCarthy urging them to include reporting requirements on the Paycheck Protection Program (PPP) in the next coronavirus response package. Specifically, the letter requests that reporting requirements be included in the bill to allow Congress to track loan applications filed by minority owned businesses, and the number of loans that are approved and denied to minority owned businesses. This will increase transparency, create accountability, and ensure that funds are being distributed fairly.
“Business owners of color frequently face greater hurdles and added scrutiny in securing the capital that they need to operate,” Members wrote. “As members of Congress and the creators of a program that will disburse $349 billion tax dollars in forgivable loans, it is our responsibility to ensure that that money is reaching every corner of the small business world and buoying all communities fairly, as it was intended to do. As such, tracking the rate at which these loans are being disbursed to minority owned business is a prerequisite to our fulfilling that responsibility.”
The letter was signed by Representatives Jamie Raskin, Alcee Hastings, Joaquin Castro, Steve Cohen, Tulsi Gabbard, Jan Schakowsky, Danny K. Davis, Brenda L. Lawrence, J. Luis Correa, Alma S. Adams, Bill Foster, Grace Napolitano, Diana DeGette, Joe Neguse, Gilbert R. Cisneros, Jerry McNerney, Sanford D. Bishop, Frederica S. Wilson, Daniel T. Kildee, André Carson, Eleanor H. Norton, Martin T. Scanlon, Andriano Espaillat, Eddie Bernice Johnson, Adam Smith, Vincente Gonzalez, Debbie Murcarsel-Powell, Alan Lowenthal, Thomas Suozzi, David Trone, Darren Soto, Ted Lieu, Bobby L. Rush, Brad Sherman, Susan Davis, Bennie G. Thompson, Salud Carbajal, Jennifer Wexton, Barbara Lee, Eleanor H. Norton, Mike Doyle, Anthony G. Brown, Kathy Castor, Lucille Roybal-Allard, Ami Bera, Marcia L. Fudge, Linda Sanchez, Albio Sires, Deb Haaland, Juan Vargas, and Suzanne Bonamici.
The text of the letter is copied below, and a PDF of the letter can be found here.
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April 19, 2020
The Honorable Nancy Pelosi The Honorable Kevin McCarthy
Speaker of the House Minority Leader
United States House of Representatives United States House of Representatives
Washington, D.C. 20515 Washington, DC 20515
Dear Speaker Pelosi and Minority Leader McCarthy:
As you work to craft the next legislative package to combat the ongoing COVID-19 crisis and the resulting economic fallout, we respectfully request that language be included to create reporting requirements that will allow Congress to track data, disaggregated by race, demonstrating the number of loan applications filed under the Paycheck Protection Program by minority owned businesses, the number of loans that are approved to minority owned businesses and the number of loans that are denied to minority owned businesses.
We recognize that this is a difficult and economically strenuous time for all Americans. That is why we must ensure that our relief efforts work to the benefit of all Americans, and that we do not unintentionally leave some communities on the sidelines.
Business owners of color frequently face greater hurdles and added scrutiny in securing the capital that they need to operate. As members of Congress and the creators of a program that will disburse $349 billion tax dollars in forgivable loans, it is our responsibility to ensure that that money is reaching every corner of the small business world and buoying all communities fairly, as it was intended to do. As such, tracking the rate at which these loans are being disbursed to minority owned business is a prerequisite to our fulfilling that responsibility.
With these reporting provisions in place, we will increase transparency and strengthen accountability within the Paycheck Protection Program so that we may ensure that no American is left behind. We thank you for your attention to this critical issue and look forward to working with you to secure equal and just access to COVID-19 relief for all.
Sincerely,