Small businesses are the foundation of our economy, generating 44% of our country's total economic activity. They employ tens of millions of people and support the economy from the bottom up. Losing even a fraction of these businesses will devastate communities and cause a catastrophic economic downturn. Unfortunately, during the coronavirus pandemic, the Trump administration has done a woeful job of making sure small businesses get the support they need to stay afloat.

The CARES Act, which Congress passed as a response to the COVID-19 pandemic, authorized $377 billion for small businesses in emergency grants, forgivable loans, and relief for existing loans. Importantly, the CARES Act designated $350 billion to the Paycheck Protection Program to help employers continue to pay employees.

But, because trickle-downers ensured that the PPP program had no meaningful oversight, large corporations – like the Los Angeles Lakers, Shake Shack, and hundreds of other publicly traded companies – took advantage of the program, robbing small businesses of the resources they so desperately need. Perhaps most appallingly, 90% of women and minority-owned small businesses were shut out from the PPP program. Now, with PPP funds running dry, many small businesses have been forced to close.

In fact, The Washington Post reported that over 100,000 small businesses have already closed permanently. CNBC reported that 7.5 million small businesses are at risk of closing by September without assistance. And the Main Street Alliance, which advocates for small businesses, found that only one-third of owners say their small business could survive for more than a year. Small businesses are facing a dire crisis that could dramatically change our country for the worse.

Small businesses and owners need a lifeline to get through this crisis. Most large corporations already have the capital to survive, so we can’t allow them to use their outsized political power to siphon resources at the expense of small businesses. 

We’ve been saying since day one of this crisis that we need immediate, impactful, and inclusive action to get through the coronavirus pandemic, which includes supporting hard-working people and small businesses. We need to know where you stand, so tell us now:

Should the government prioritize helping small businesses instead of wealthy corporations?