FOR IMMEDIATE RELEASE: April 18, 2020
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####ABIC Sends Letter to President Donald Trump and Congressional Leaders on the Renewal of the Paycheck Protection Program
American Business Immigration Coalition Co-Chairs including John Rowe, Sam Scott, Bill Kunkler, Raul Raymundo, Carole Segal, Mike Fernandez, Josh Hoyt, Norman Braman, Al Cardenas, and Bill Lucia sent a letter to President Donald Trump, Senate Majority Leader Mitch McConnell, Minority Leader Chuck Schumer, House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy to quickly replenish the Paycheck Protection Program, prioritize underserved communities, and add more funds for hospitals to defeat the coronavirus.
“Congress must put the livelihoods of millions of American workers and small businesses ahead of partisan gamesmanship,” the ABIC Co-Chairs wrote in their letter. “During this global pandemic, we ask that you replenish the PPP, prioritize our vulnerable and underserved communities to reflect the legislative intent of the program, and allocate more funds for hospitals to increase testing and defeat the coronavirus.”
######Find the full letter and signers below.
April 18, 2020
Dear President Donald Trump, Senate Majority Leader Mitch McConnell, Minority Leader Chuck Schumer; House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy,
We, the undersigned directors of the American Business Immigration Coalition (ABIC), respectfully ask you to quickly renew the Paycheck Protection Program (PPP) and increase funding for hospitals and testing to fight COVID-19. Congress must put the livelihoods of millions of American workers and small businesses ahead of partisan gamesmanship. During this global pandemic, we ask that you replenish the PPP, prioritize our vulnerable and underserved communities to reflect the legislative intent of the program, and allocate more funds for hospitals to increase testing and defeat the coronavirus.
This week, the Small Business Administration (SBA) exhausted the $349 billion funds for the program, which was created with the purpose of providing relief to small businesses and nonprofits slowed or stopped by COVID-19 so they can continue paying their workers and keep their doors open. We thank Chairman Marco Rubio (R-FL) and Chairwoman Nydia Velazquez (D-NY) for their bipartisan, bicameral leadership in crafting and implementing this important lifeline for our small businesses and their workers.
The tsunami of demand for this program was so great that the $349 billion in relief disbursed over the last 14 days is more than the SBA has given out in the last 14 years. When the funds ran out on Thursday, 1.6 million small businesses received the funds, with an additional 800,000 in queue for approval, and millions more left waiting to apply. The achievements of the program have been remarkable. But, the need for relief still remains immense.
We know there were some undeserving beneficiaries as well as many more deserving ones. One of the best parts of the PPP is that the amounts borrowed can be completely forgiven provided the employer uses the funds to pay their workers. Among those eligible for the program are the 1.5 million immigrant entrepreneurs across the country, employing an estimated 9 million U.S. workers. We strongly support the mechanism of safeguarding the relationship between employers and their employees, an essential part of jumpstarting the economy on the other side of social distancing.
As Congress and the White House negotiate a deal to extend the Paycheck Protection Program, we call for a minimum of $125 billion of the new $250 billion in PPP funds to be allocated to Community Development Financial Institutions (CDFIs) and Minority Development Institutions (MDIs). Economic downturns disproportionately impact communities of color and remote/isolated communities. CDFIs and MDIs are critical vehicles to get cash quickly to our vulnerable and underserved communities that some big banks have difficulties reaching. Additionally, any new federal allocation must include more money for hospitals and testing so we can reduce the number of coronavirus infections and deaths, contain the virus more quickly, and begin rebuilding our economy and communities together in our new post-COVID reality.
ABIC Co-Chairs and Directors, including:
John Rowe, Chairman Emeritus, Exelon Corporation Mike Fernandez, Chairman and CEO, MBF Healthcare Partners Sam Scott, Retired Chairman and CEO, Corn Products International (now Ingredion Inc.) Carole Segal, Co-Founder, Crate and Barrel Bill Kunkler, Senior Executive Vice President, CC Industries Raul Raymundo, President and CEO, The Resurrection Project Zaher Sahloul, President and CEO, MedGlobal Josh Hoyt, Executive Director, National Partnership for New Americans Norman Braman, Chairman and CEO, Braman Motor Cars Al Cardenas, Senior Partner, Squire Patton Boggs (US) LLP Bill Lucia, President and CEO, HMS
The American Business Immigration Coalition (ABIC) promotes commonsense immigration reform that advances economic competitiveness, provides American companies with both the high-skilled and low-skilled talent they need, and allows the integration of immigrants into our economy as consumers, workers, entrepreneurs and citizens.