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A message from League of United Latin American Citizens

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View as web page:
[link removed]

Dear Friends,

LULAC and the United States Hispanic Chamber of Commerce (USHCC) are working
together to save Latino owned businesses.

Join me in cosigning this letter so we can send it to Washington and show them
how important Latino owned business are to our community, to the U.S. economy,
and to the millions of people they employ. [ [link removed] ]

The U.S. Department of Treasury and the Small Business Administration, facing an
unprecedented economic disruption due to COVID-19, were authorized by the CARES
ACT to provide $349 Billion in relief for Small Business as part of its Payment
Protection Program (PPP). The PPP program is a forgivable loan that companies do
not have to payback if they meet certain criteria.

The PPP program launched on April 3rd and by April 16th (13 Days) ran out of
funds. A total of $342,277,999,103.00 was dispersed to 1,661,367 companies [ [link removed] ] .
What we have learned since is that 2% of the firms approved for loans accounted
for almost 30% of the funding. That’s $104.7 Billion dollars for 33,200
businesses [ [link removed] ]
or an average of $3.15 million each.

A program designed to work for small businesses with less than 500 employees,
ended up paying out $20 Million to Ruth Chris, $10 Million to Shake Shack and
PotBelly, companies with over $100 Million in revenue. All of this because of a
small exception allowing franchises to benefit from the program thanks to Rep.
Hern [ [link removed] ]
(OK 1st District).

Funny thing is that these large companies have to report this income if they are
public just as Shake Shack did on Sunday. Given the overwhelming public disgust
at large companies getting bailed out over small businesses they decided to do
the right thing and give the money back [ [link removed] ] .

Collectively, Latino-owned businesses that employ others generate $700 billion in
revenue and employ over 3.2 million people, accounting for about 4% of U.S.
business revenues and 5.5% of U.S. employment. These Latinos business are key
drivers to the U.S. economy and provided essential services in many underserved
communities. Think about the daycare centers, flower shop, construction company,
favorite Latino restaurant, and bodegas in your predominately Latino community.
Think about the small business that your parents, brother, cousin, or friend from
school started and have worked so hard to make successful. Now think about those
same businesses disappearing because of COVID-19 and the mismanagement of the SBA
program and the large banks who administer it like Bank of America, Wells Fargo,
Chase, and others.

So here is what we are asking U.S. Treasury Secretary Steve Mnuchin and
Administrator Jovita Carranza. Our top three economic priorities that are crucial
for Hispanic and Minority-owned small businesses and their economic success are
the following:

1. Prioritize economic relief resources for entrepreneurs who are waiting in
line with completed loan applications. Many of our small business members
have followed the instructions set forth by the U.S. Treasury Department and
the U.S. Small Business Administration to request economic relief resources
and have not received updates on the status of their loans. Our small
businesses are waiting for these funds that are needed immediately and
everyday counts.

2. Prioritize economic relief resources for small businesses with (20)
employees or less. True small businesses are being left behind in the rollout
of the economic relief resources provided by the CARES Act and will not be
able to pay their bills and operating costs. We are urging Congress to
approve $400 billion more for this program, with not less than $200 billion
going to firms that have 20 or fewer employees.

3. Prohibit Discrimination Against Small Employers in the Paycheck Protection
Program. To eliminate financial institution loan practices of
big-customers-first and favored-customers-first in the PPP program, Congress
should prohibit discrimination among applicants in the order or speed of
processing or granting of loans.

Join me in cosigning this letter so we can send it to U.S. Treasury Secretary
Steve Mnuchin and Administrator Jovita Carranza to show them how important Latino
owned business are to our community, to the U.S. economy, and to the millions of
people they employ. [ [link removed] ]

Together, we can send a message to Washington, DC and to these large banks and
lenders that Latino Small Business matter now more than ever and they deserve the
fair share of the CARES Act specifically earmarked for Small Business.

To co-sign the Save Latino Owned Businesses click here now [ [link removed] ] .

Hasta la Victoria,

Domingo Garcia
LULAC National President

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About LULAC
The League of United Latin American Citizens (LULAC) is the nation’s largest and
oldest civil rights volunteer-based organization that empowers Hispanic Americans
and builds strong Latino communities. Headquartered in Washington, DC, with 1,000
councils around the United States and Puerto Rico, LULAC’s programs, services and
advocacy address the most important issues for Latinos, meeting critical needs of
today and the future. For more information, visit www.LULAC.org [ [link removed] ] .







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