On behalf of our Board of Directors at the United States Hispanic Chamber of Commerce (USHCC) and the League of United Latin American Citizens (LULAC), we are collaborating to help rescue and provide economic relief for Hispanic and minority-owned small businesses.
Today, we are asking you to sign onto the letter below to demonstrate to Congress, the U.S. Government, and major American financial institutions that our Hispanic and minority-owned small businesses drive the U.S. economy.
The U.S. Department of Treasury and the U.S. Small Business Administration, facing an unprecedented economic disruption due to COVID-19, were authorized by the CARES Act to provide $349 billion in relief for small businesses as part of the Paycheck Protection Program (PPP). The PPP is a forgivable loan that businesses do not have to pay back if you meet certain criteria designed for business relief.
Collectively, there are 4.8 million Latino-owned businesses that generate $800 billion in revenue for the U.S. economy. The 60 million Latinos living in America generate $2.3 trillion annually to our GDP. Allocating additional funding for the Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL) and grants, closing the existing gaps of inequity in accessing relief, and increasing transparency will help enable a stronger and faster recovery for our country.
Join us in cosigning this letter so we can send a strong united message to show how important Hispanic and Minority-owned businesses are to the U.S. economy and to the millions of people we collectively employ. Our business community deserves a fair share of the CARES Act and any future stimulus funding specifically designed for small businesses.
Leave it up to tribalism like this, and no one will be better off. Why does it always have to come to race instead of E. Pluribus Unum?