Source: United States House of Representatives – Congresswoman Joyce Beatty (3rd District of Ohio)
COLUMBUS, OH—U.S. Congresswoman Joyce Beatty (OH-03) today spoke at the Franklin County Commissioners General Session in support of Resolution No. 0517-20, a resolution to authorize $2,000,000 in CARES Act (P.L. 116-136) funding—a law Beatty helped pass in the U.S. House of Representatives—for emergency grants to support minority-owned small businesses facing financial hardship because of the COVID-19 Pandemic. Specifically, the Resolution would authorize a partnership between the Columbus Urban League, One Columbus, and the Franklin County government to establish three separate funding streams to assist historically underutilized and underserved minority-owned small businesses.
“To paraphrase Dr. Martin Luther King, Jr., we are faced with the ‘fierce urgency of now’ to act on the persistent and pervasive economic inequities that have only gotten worse because of COVID-19,” Beatty said. “For Black and Latinx entrepreneurs and business owners, I am talking about the lack of access to capital, credit-based tools and financial products. That is why I fought so hard with congressional leadership to include in the CARES Act much-needed assistance to help more minority-owned businesses weather the financial storm caused by this ongoing public health crisis.” She added, “However, we know that this is but a start, and it is imperative that Congress provide additional, dedicated and directed funds to ensure that all small businesses can access the support they so desperately need.”
To that effect, Beatty recently introduced the Making Opportunities a Reality for Entrepreneurs (MORE) PPP Act, H.R. 6893. If enacted into law, the bill will ensure that our nation’s smallest small businesses, including minority-owned, independent contractors, and 1099 workers, will have fairer access to participate in the Paycheck Protection Program (PPP)
During the General Session, Beatty highlighted a report by the National Bureau of Economic Research that found that while small businesses overall experienced a 22 percent closure rate from February to April of 2020, the closure rates for minority-owned businesses were significantly higher. Over the same period, 41 percent of Black-owned businesses, 32 percent of Latinx-owned businesses and 26 percent of Asian-owned businesses closed.