FOR IMMEDIATE RELEASE
May 8, 2020
New Coalition Calls for Prioritization of
Underserved and Rural Small Businesses in Coronavirus Response
Washington, D.C.– The U.S. Black Chambers (USBC) is a founding member of a new coalition created to advocate for prioritized CARES Act funding for underserved small business owners.
The Page 30 Coalition is named in recognition of Page 30 of the CARES Act, which reads:
It is the sense of the Senate that the Administrator should issue guidance to lenders and agents to ensure that the processing and disbursement of covered loans prioritizes small business concerns and entities in underserved and rural markets, including veterans and members of the military community, small business concerns owned and controlled by socially and economically disadvantaged individuals, women and businesses in operations for less than 2 years.
To ensure this prioritization is realized, the Page 30 Coalition has formed a powerful alliance with national industry-leading-organizations to aggressively advocate for equitable policy solutions that bolsters growth for underserved business owners.
Page 30 Coalition priorities include:
- Expand the Paycheck Protection Program (PPP) through December 31, 2020
- Eliminate the PPP “first come, first serve” rule and provide prioritization to underserved communities
- Extend covered period for PPP loan forgiveness
- Expand economic resources for small businesses with 10 employees or less
- Dedicate additional aid to America’s most vulnerable small businesses, particularly women, minority, rural, veteran, and start-ups
- Call for participating lending entities to provide greater transparency on federal loan disbursement data
The Page 30 Coalition aims to push a legislative and regulatory agenda by working with partners around the country to ensure the critical constituencies recognized on Page 30 of the CARES Act receive the prioritization Congress intended.
Learn more by visiting: page30coalition.org