Letter to Nancy Pelosi, Speaker of the House, and Kevin McCarthy, Minority Leader - Veasey, Cárdenas, Chu Urge House Leadership to Include Reporting Requirements on PPP Loan Approvals

Letter

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.