On Friday, April 10, 2020, Congressman Al Green introduced two bills – H.R. 6475 and H.R. 6476 – to help speed the delivery of emergency funds to small businesses, their employees, and the self-employed. He released the following statement:

“Although emergency grants and forgivable loans for small businesses are central provisions of the CARES Act, too many persons in underserved communities are facing superfluous barriers to relief. This unfortunate reality is the result of bureaucratic rules and most megabanks’ policy to reject applications from new customers,” Congressman Green indicated. “This is why I have introduced legislation to amend the Coronavirus Aid, Relief, and Economic Security (CARES) Act and expand provisions for small businesses.”

Green continued, “H.R. 6475 amends the CARES Act to expand eligibility for the Paycheck Protection Program (PPP) to include certain small businesses and their employees who have been shut out of the program due to outdated regulations. This bill levels the playing field by providing payroll liquidity to small employers that happen to be in the financial sector (i.e., small banks) so that their employees can receive the same extent of protection as every other small business under the CARES Act.”

“H.R. 6476 amends the CARES Act to enable more small lenders to provide PPP loans – specifically, small minority-owned banks, credit unions, and community development financial institutions, as well as small rural banks. This bill provides access to a dedicated credit facility that will advance these entities the capital needed to immediately disburse loan proceeds to borrowers upon approval of PPP applications.”

H.R. 6475 and H.R. 6476 build upon three emergency relief bills Congressman Green introduced on March 24, 2020 – H.R. 6380, H.R. 6381, and H.R. 6382. Together, H.R. 6380 and 6381 shore up small banks – and in particular African American owned minority depository institutions (MDIs) – at a critical juncture by providing liquidity and surety through interest-free loans and unlimited deposit insurance. H.R. 6382 would ensure that civil rights advocates and the U.S. Department of Housing and Urban Development (HUD) have the resources they need to protect vulnerable communities. The CARES Act includes provisions that embrace H.R. 6380 and H.R. 6382.

Congressman Green has continuously advocated for small business relief and assistance for MDIs. He added, “There is no question that the coronavirus pandemic is hitting small businesses with brutal force and without discrimination. The legislation I have introduced helps to serve our nation’s small businesses and their hardworking employees in a more efficient way during this unprecedented crisis. I look forward to H.R. 6475 and H.R. 6476 being considered by Congress.”