WASHINGTON–Attorneys general representing 24 states are urging the Treasury Department and SBA to make changes to the Paycheck Protection Program.
In a letter to the leadership of both the House and the Senate, the AGs said the rollout of the program has “exposed a variety of shortcomings,” the attorneys general wrote.
In the seven-page letter the AGs called for:
- Setting aside a portion of “any future funding exclusively for minority-owned small businesses, many of which do not have longstanding relationships with banks or other financial institutions”
- Releasing future funding in a manner “based on metropolitan statistical areas weighted by the number and size of small businesses located in those areas”
- Offering flexibility for small businesses, including restaurants and sole proprietors, that have “already been forced to lay off some employees and may have difficulty bringing them back within the time limits currently set out in the program.”
“We understand that it was necessary to implement the PPP as quickly as possible, which led to predictable stumbles and delays, given the size of the program,” the attorneys general stated. “But we can now learn from these mistakes and, as the program moves forward, we can apply those lessons.”