PPP Pelosi, Schumer to GOP: 'Stop posturing' on stalled coronavirus aid

Economy
1

I’m writing to you to find out if you can educate me on this topic. It is my understanding that 250 billion has yet to be approved, and one of the reasons is the following:

Democrats also want to make changes to the PPP, ensuring that half of the new $250 billion in funding goes through “community-based financial institutions that serve farmers, family, women, minority and veteran-owned small businesses.” Democrats have raised concerns that the current setup of the program favors larger businesses with existing connections to a lender.*

  1. PPP rules clearly state that a company must be in business since February 2020. Therefore, the company must have an EIN # and checking account? Right? These are simple requirements for any corporation. Hence, Why are the Democrats suggesting that “some small business owners” are at an economic disadvantage to others? I think any business owner, regardless of race or gender, understands banking relationships. The business owner should understand how to apply for a loan under the program? The business owner, irrespective of race or color, should already have knowledge of business banking relationships? Correct? Practical?

(My Point ) As a country, we already promote diversity/inclusion. This is demonstrated by how the government and commercial entities already set aside and award contracts specifically for Diverse and Disadvantaged companies. (PreCovid-19)

  1. What about small businesses that are classified as non-diverse or disadvantaged? Why should this class of business be at a disadvantage? Many Non-Diverse/Disadvantaged Small Businesses pay a tremendous amount in taxes and contribute in a positive way to the economy. There are many Non-Diverse Small Business which have been impacted negatively because of COVID-19. Why, as a country, should we discriminate against Non-Diverse/Disadvangted small businesses? I can fully say with Pride that I support diversity and inclusion. However, given the circumstances, does anyone consider Pelosi and Shumers’ request to be discriminatory against “white male” business owners? Reverse Discrimination?

Pelosi and Schumer Request

"$250 billion in funding goes through “community-based financial institutions that serve farmers, family, women, minority and veteran-owned small businesses.”