Luria cosponsors bill advocating for diversity accountability in Paycheck Protection Program
The legislation would require the Small Business Administration to collect and report on demographic data to show how many Paycheck Protection Program applicants are minority, women, or veteran owned businesses.
“The CARES Act stated that the SBA must prioritize supporting small businesses in underserved and rural areas, including minority, woman, and veteran-owned small businesses,” said Luria, D-Va. “Despite these provisions designed to ensure equity and inclusivity, the SBA has not released data on loan recipients and therefore cannot be held accountable. That is why I am supporting the PPP Data and Diversity Accountability Act to ensure that all small businesses are given equal access to this vital economic recovery program.”
According to a recent survey, only one-third of minority-owned small businesses reported that they received the full amount of SBA assistance they had asked for compared to other businesses.
The collection and reporting of information by SBA would better equip the PPP program to provide support to minority-owned businesses, which are too often underserved by financial institutions.