Friend,
- FIRST, as part of the coronavirus stimulus/relief packages, Congress gave limited taxpayer money to the Small Business Administration for the Paycheck Protection Program. These funds were meant to help small businesses across the country survive this worsening economic crisis.
- THEN, thanks to mismanagement from the Trump administration, those small-business loans started going out to big corporations, large businesses, restaurant chains, and even a NBA team!
- NOW, we’re circulating a petition demanding that small-business loans be reserved for struggling small businesses...and small businesses only.
300+ publicly-traded firms or conflicted companies have received over a billion dollars in taxpayer money, including Ruth’s Chris Steak House. They received $20 million despite furloughing workers. After a public outcry, the chain announced it would return its “small-business” loan to the government, but the damage was done.
Backlash to major corporations receiving loans earmarked for small businesses also prompted other recipients to return their money, including the Los Angeles Lakers ($4.6 million) and Shake Shack ($10 million).
Right now, it’s critical that we keep up the pressure on the administration to fix this broken program so that is it more fair and transparent. Small-business loans must go to small businesses that truly need them, not a national steakhouse or big luxury hotel chains.
Sign our petition. Make your voice count!
-- Allied Progress
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