“It’s been amazing to see the support and traction many small businesses have gained through the local and ethical support of their community members. However, COVID-19 has had, and continues to have, a detrimental impact on small businesses. Seeing my favorite local shops and restaurants in Milwaukee shut down is extremely disheartening. What is especially frustrating is seeing large corporations gain millions from the Paycheck Protection Program (PPP) intended for small businesses. Even with ~350 billion USD set aside for the near-zero interest loans small business relief fund, after only two weeks the fund was exhausted. Many publicly traded companies received PPP loans despite having market capitalization greater than $100 million, draining the fund and taking advantage of the resources set aside for small businesses, due to multiple loopholes in the program.
This lack of foresight–suspiciously benefitting large corporations– is all too common in the Trump administration, with family and friends of Trump receiving huge PPP loans (information only revealed after a push for greater transparency). If the PPP is to be revamped, it must include greater protection for small businesses and stricter criteria, in order to make sure the funding goes to who truly needs it.”