NYC Lawmakers Press Trump Administration on Small Business Aid Rollout
Washington, DC – Members of the New York City Congressional delegation today wrote Treasury Secretary Steven Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza, calling for swift remediation of problems in small business aid programs recently enacted as part of the “CARES Act.”
The letter, which was led by House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY), says that changing and unclear rules by Treasury and SBA are preventing entrepreneurs from accessing emergency loans; a newly created small business grant program is being improperly administered, potentially denying firms the full assistance Congress intended; the agencies’ implementation of the loans may disadvantage traditionally underserved small and micro-businesses; and Information Technology issues are further hampering delivery of badly needed aid.
“We are deeply troubled by the lack of clear, coherent guidance for small businesses during this crisis, and we urge you to release formal comprehensive Standard Operating Procedures immediately to put all small businesses on an equal playing field and give lenders the clarity they need to process and disburse loans. We further request that you provide Congress with daily reporting on SBA’s programs in response to the COVID-19 pandemic,” the letter states.
In addition to Velázquez, the letter is signed by: Senators Charles Schumer (D-NY) and Kirsten Gillibrand (D-NY) and Reps: Jerrold Nadler (D-NY); Yvette Clarke (D-NY); Hakeem Jeffries (D-NY); Alexandria Ocasio-Cortez (D-NY); Thomas R. Suozzi (D-NY); Eliot L. Engel (D-NY); Grace Meng (D-NY); Carolyn B. Maloney (D-NY); Kathleen M. Rice (D-NY); Gregory Meeks (D-NY); Adriano Espaillat (D-NY); and José E. Serrano (D-NY).