Velazquez Urges Puerto Rico Financial Institutions to Redouble SBA Lending
Washington, DC – Rep. Nydia M. Velázquez released the following statement regarding Small Business Administration lending programs and Puerto Rico:
“Puerto Rico’s economy was already struggling before COVID-19. Decades of neglect followed by historic hurricanes and recent earthquakes had already made a tough situation worse. Now, with the Island on lockdown in response to COVID-19, businesses, families and workers are suffering even more.
“It is vital that Puerto Rico receive its fair share of economic small business assistance. Data from the initial round of PPP funding suggest that some of the largest lenders may not have fully engaged with the program, meaning many on-Island small businesses are not receiving help they need to keep workers on payroll and their operations functioning or ready to resume functioning once we finally turn the corner on this pandemic.
“As the second round of PPP and EIDL funding become available, it is vital that this assistance flows to Puerto Rico. I know many Puerto Rican lenders and community institutions are stepping up, but I encourage all financial institutions and banks to ensure they are maximizing the widest range of assistance to small businesses in their communities and helping them navigate this process.”