Letter to the Hon. Nancy Pelosi, Speaker of the house, the Hon. Kevin McCarthy, House Minority Leader, the Hon. Mitch McConnell, Senate Majority Leader, and the Hon. Charles Schumer, Senate Minority Leader - Reps. García, Moore, Cisneros, and Speier Advocate for Small Business Grants, Not Just Loans, and Relief for Minority-Owned Small Businesses

Letter

Dear Speaker Pelosi, Minority Leader McCarthy, Majority Leader McConnell, and Minority Leader Schumer:

As both chambers continue work on additional stimulus measures to mitigate the severe economic disruption caused by COVID-19, we write to urge you to consider providing grants to small businesses, in addition to loans. We additionally urge you to include specific provisions to help minority owned businesses through this difficult time.

Small businesses are already facing significant financial hardship from the widespread negative economic impact of COVID-19. Managing new debt while returning to normal business operations could slow the recovery of entire communities. This is especially true for minority owned small businesses and small businesses operating in communities of color, which some experts predict could be hit especially hard by the effects of coronavirus disease.

We urge inclusion of grant programs and specific provisions for minority owned businesses, and look forward to working with you to fulfill our mutual goal of protecting small businesses from the negative economic effects of COVID-19. Thank you for your attention to these matters.