We Proudly Support CARES Act Aid to Underserved Businesses through the Page 30 Coalition
We are proud to announce our support to champion diverse businesses in underserved and rural communities as a member of the Page 30 Coalition. The coalition aims to push a legislative and regulatory agenda by working with partners around the country to ensure that the critical constituencies recognized on Page 30 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act receive the prioritization that Congress intended. With hundreds of billions already deployed and billions more likely to be released through subsequent COVID-19 packages, Page 30 Coalition is fighting to ensure more is done for these at-risk and underserved businesses.
The Page 30 Coalition was named for the section of the CARES Act from late March of 2020, that 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 national alliance of industry-leading-organizations to shape America’s legislative and regulatory small business landscape by aggressively advocating for equitable policy solutions that bolsters growth for underserved firms in the years ahead.
Our 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
We will start sharing updates through our social media accounts on the coalition’s work to support diverse entrepreneurs through non-partisan policy advocacy.
To learn more about the coalition:
- Visit the website: https://www.page30coalition.org/
- Follow news updates: https://www.page30coalition.org/newpage
- Access small business, PPP, and EIDL resources: https://www.page30coalition.org/resources
To connect with the coalition, you can contact Jamon Phenix, the Coalition Manager, at [email protected].
Support for the coalition, from some of its national members:
Asian/ Pacific Islander American Chamber of Commerce and Entrepreneurship
“COVID-19 has had a devastating impact on the more than 2 million AAPI businesses in the U.S. Federal relief programs, while welcome and necessary, are only as good as their accessibility. Our community continues to lack federally mandated in-language resources, and many eligible applicants continue to be turned away from participating lenders. We must prioritize our vulnerable populations, which is why the Asian & Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE) is proud to be a founding member of the Page 30 Coalition.”
– Chiling Tong, President & CEO, National ACE
U.S. Black Chambers, Inc.
“The pandemic is taking a devastating toll on Black-owned businesses. As the voice of Black business owners, we’re calling on Congress to enforce a triage approach to helping small businesses recover from the pandemic. A first come first served approach is utterly unacceptable. Small businesses deserve more, too often aid funding goes to the fastest and savviest, when in fact, those who are hit the hardest deserve to be treated first.”
– Ron Busby, President & CEO, U.S. Black Chambers, Inc.
U.S. Hispanic Chamber of Commerce
“Small business is big business for us at the United States Hispanic Chamber of Commerce. We know our economic power and we will exert our influence for many years to come to provide a strong advocacy voice to the benefit of small, Hispanic and minority-owned businesses.”
-Ramiro A. Cavazos, President & CEO, United States Hispanic Chamber of Commerce.
Association for Enterprise Opportunity
“While some initially believed the pandemic would act as ‘the great equalizer,’ the truth is that COVID-19 is disproportionately impacting businesses and communities that were already at an economic disadvantage. To reverse this course, policy makers must take rapid and decisive action now. The coronavirus economic relief packages are overlooking millions of micro and MainStreet businesses, which represent more than 90 percent of all businesses in the U.S. For the sake of our nation’s economy, we must ensure that the spirit and intention of the CARES act is carried out by prioritizing businesses that are most vulnerable—those that are owned by people of color, veterans, immigrants and others who operate in low and moderate income communities.”
-Connie Evans, President & CEO of Association for Enterprise Opportunity.
Association of Women’s Business Centers
“AWBC is pleased to participate in the Page 30 coalition and help raise awareness about CARES Act priority in aiding underserved businesses, including women-owned businesses, as outlined by page 30 of the bill.”
– Corinne Hodges, CEO of Association of Women’s Business Centers.
Aura
“The Page 30 Coalition has come together in support of Latinx and minority-owned small businesses and independent workers that have been left behind in this crisis. We need to provide lasting and equitable relief for these businesses and workers, especially through the development of institutions and infrastructure to deploy capital to hard-to-reach, underbanked communities. Page 30 is focused on developing these institutions and ensuring that Community Development Financial Institutions (CDFIs) can fill this void, especially for micro-small businesses and their essential workers.”
-James Gutierrez, CEO & Co-Founder of Aura.
Gusto
“Small businesses make up nearly 50% of our GDP and 50% of our labor market. They are essential to our communities, our economy, and our lives. Gusto data shows that those who can least afford it are being the hardest hit by COVID layoffs. We must prioritize delivering aid to the businesses that need it the most.”
– Lexi Reese, Chief Operating Officer of Gusto.
Prosperity Now
“The millions of small businesses owned and operated by people of color and other traditionally underserved populations in this country are the primary source of jobs and incomes for their communities and provide critical services. Despite their importance, they are not getting the stimulus dollars they need to help them stay afloat during the COVID-19 pandemic. The mainstream banks in charge of distributing this relief too often overlook these businesses and should not be the primary vehicles responsible for lending out this money. Instead, stimulus dollars should be set aside for Community Development Financial Institutions (CDFIs) and other financial entities that are best equipped to support them. The mission of CDFIs is to provide financial products and services to underserved communities like minority-owned small businesses, and they are uniquely positioned to do so. These businesses are a lifeline for these communities and need to be saved during this crisis so they can continue to contribute and thrive, rather than be left to fend for themselves.”
– Gary Cunningham, President & CEO of Prosperity Now.
