NPNA Joins Growing List of Organizations and Institutions Calling for $125B to go to CDFIs and MDIs in the Renewal of the Paycheck Protection Program Due to Failure of Big Box Banks like JP Morgan Chase
CHICAGO – Less than two weeks since its launch, the popular, $350 billion dollar “Paycheck Protection Program” (PPP) has run out of money and left many wondering why smaller, minority-owned businesses in typically underserved communities didn’t get more help.
The National Partnership for New Americans (NPNA) is joining the American Business Immigration Coalition’s call on members of Congress to renew and secure $125 billion of the additional $250 billion in relief to be directed exclusively toward Community Development Financial Institutions (CDFIs) and Minority Development Institutions (MDIs) to help many small, minority-owned, and rural businesses that were left behind during the first round of PPP loans.
“NPNA has seen large banks such as Chase ask unnecessary questions of borrowers, favor their bigger borrowers, communicate badly with customers, exclude the smaller unbanked businesses and independent contractors, and strand thousands in their queue with no information,” said Steve Choi, NPNA Co-Chair and Executive Director of the New York Immigration Coalition.
“It’s imperative to understand that large well-resourced businesses and smaller, immigrant businesses and nonprofits are not on a level playing field. Smaller businesses and many nonprofits are one or two months away from bankruptcy. We need to ensure smaller mom-and-pop shops and nonprofits, and minority and immigrant businesses are included in the Paycheck Protection Program so that they have a shot at getting through this crisis. Otherwise, we will see a permanent collapse of small businesses in underserved communities for years down the line.”
The National Partnership for New Americans (NPNA) is a national, multiethnic, multiracial partnership of 35 immigrants and refugee rights organizations across 37 states, that work to promote citizenship and integration among our diverse immigrant and refugee communities for the benefit of all Americans.