Meeks Calls to Replenish PPP Fund with Greater Transparency and Data on MWBE Participation

New York – Today Congressman Meeks issued the following statement regarding the exhaustion of Paycheck Protection Program (PPP) funds:

"Small businesses are the beating heart of our economy. The $349 billion in small business funding for the Paycheck Protection Program (PPP) and other initiatives has given companies in my community and around the nation a life bridge to survive shutdowns and forced closures, while also providing a strong incentive for small businesses to rehire or hold on to their existing employees.

"Congress must act now to allocate another $350 billion in funds. Businesses that have tried and struggled to get the money must be given prioritized access to these funds in the next round and funds should be allocated to assist the application process for very small business unfamiliar with the Small Business Administration. There must also be transparency in how and to whom these funds are disbursed including information about the participation of MWBE businesses. Finally, there should be carve outs to ensure minority depository institutions and community development financial institutions are allocated some of the funds to loan out. There is no time to waste."