New Relief Bill Leaves Small Businesses Wanting More

After months of thousands of small business closures while the wealthy and well-connected cashed in on billions in Paycheck Protection Program (PPP) loans, lawmakers finally reached an agreement on much-needed stimulus relief. As the bill’s final details trickle out, it is already clear that more assistance is necessary to help mom-and-pops across the country hang on through the new year. Meanwhile, as more than 400,000 small businesses have closed for good since the start of the pandemic, new reporting revealed that ring-wing groups that criticized pandemic relief are among the growing list of wealthy and well-connected PPP recipients.   

Over the weekend, Accountable.US Executive Director Caroline Ciccone penned an op-ed delving into how the Trump administration left behind businesses owned by people of color and how Congress must include more safeguards and transparency into any small business relief moving forward. More details about the data can be found at the group’s PPP Live Blog or searched on its COVIDBailoutTracker.com database.  

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THE LATEST: PPP IS STILL NOT ENOUGH TO SAVE SMALL BUSINESSES  

The Hill | Think small business relief was a ‘Success’? Ask businesses in communities of color

“Americans need across-the-board relief now — an extension on the eviction moratorium, more unemployment insurance, and an additional direct cash payment. Small businesses need help. But we need to take a hard look at the weaknesses and shortcomings of this year’s small business lending program and make major changes to PPP. We need transparency and accountability measures written into the law and better access for communities of color as a start. And we need targeted relief for restaurants.”

Yahoo! Finance | PPP loans failed to prioritize low-income areas: RPT 

Accountable.US | REALITY CHECK: Trump Treasury Officials’ PPP Op-Ed Packed With False and Misleading Claims 

Wall Street Journal | Small Businesses, Hit Hard by Pandemic, Are Being Starved of Credit 

Axios | Renewed Paycheck Protection Program again set to cover VC-backed companies 

 Bloomberg | Stimulus Compromise Doesn’t Resolve Fed Emergency Powers Debate 

@Zachary | “Some economists believe the new PPP won’t be enough to keep small businesses alive, and Schumer touches on that. ‘Anyone who thinks this bill’s enough does not know what’s going on in America, does not look into the eyes of a small business owner who’s losing his business.’” [View Twitter Thread]  

@RichardRubinDC | “If you’re following PPP tax deductibility saga, here’s the latest. Deductions of expenses paid with forgiven loans will be allowed (under bill to be unveiled soonish) but may be some guardrails/limits on that. Details TBD. Biz win, but maybe tempered.” [View Twitter Thread]   

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WHO GOT A PPP LOAN? NOT ENOUGH ACTUAL SMALL BUSINESSES 

Salon | Trump-related vendors got millions in COVID aid — while still getting paid by his campaign 

Daily Kos | Millions in COVID-19 aid has gone to right-wing groups that usually oppose government aid 

Accountable.US | REPORT: Right-Wing Groups That Have Criticized Pandemic Aid Took Millions in Taxpayer Support from Trump SBA 

The National Law Review | DC Law Firms Took $145M in PPP Funds  

Georgia Public Broadcasting | Most PPP Aid In Georgia Went To Big, Not Small Businesses, Data Show 

Houston Chronicle | Joel Osteen’s Lakewood Church got $4.4 million in federal PPP loans 

NPR | Scores Of Private Charitable Foundations Got Paycheck Protection Program Money 

Accountable.US | Millions in PPP Funds Went to Wealthy Celebrities, Musicians, Influencers