Tri-Caucus Chairs Statement on Mitch McConnell’s SBA Scam

WASHINGTON— Today, the Chairs of the Congressional Tri-Caucus – which is composed of the Congressional Asian Pacific American Caucus, the Congressional Black Caucus, and the Congressional Hispanic Caucus – issued the following joint statement in response to recent reports that large corporations, rather than small businesses, received millions and even billions of dollars in loans from major banks participating in the Small Business Administration (SBA) Paycheck Protection Program (PPP).

The Tri-Caucus Chairs include Congressional Hispanic Caucus Chair Joaquin Castro (TX-20), Congressional Black Caucus Chair Karen Bass (CA-37), and Congressional Asian Pacific American Caucus Chair Judy Chu (CA-27):

"We cannot allow President Donald Trump and Senate Majority Leader Mitch McConnell to continue filling the coffers of the rich and powerful while leaving small businesses in the dust.

"Small businesses need a lifeline and we must ensure that those processing the loans are doing so in a fair, transparent and equitable manner. If we let the applications for the largest entities consume those one and two person operations, we have failed our constituents and paved the way for national economic decline. Small businesses are the backbone of this country and it is essential that we prioritize Main Street. If, aside from sheer volume, some bank has depleted stimulus funds, it is incumbent upon this administration to ensure that those smallest of the small businesses are fairly considered.

"We commend the actions of corporations like Shake Shack and urge other corporations that received funds, and can continue without them, to consider following Shake Shack's example and return them so the loans can be redistributed to those who need them most.

"As the House and Senate prepare to vote on additional funding for the PPP, the Tri-Caucus Chairs call on President Trump, Secretary Mnuchin and Administrator Carranza, to release detailed data on the lenders, loan amounts, and recipients, and implores the Administration and Congressional leadership to equitably prioritize small, minority, veteran, and women-owned businesses going forward.

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The Congressional Hispanic Caucus (CHC), founded in December 1976, is organized as a Congressional Member organization, governed under the Rules of the U.S. House of Representatives. The CHC is dedicated to voicing and advancing, through the legislative process, issues affecting Hispanics in the United States, Puerto Rico and U.S. Territories.