On the recordApril 23, 2020
I thank Chairman Neal for yielding. Madam Speaker, I rise to thank and commend my colleagues for their work on this $480 billion legislation. On April 7, as the Speaker said, Republicans wanted $250 billion, but no more. After Democratic demands, Republicans finally agreed to increase the $250 billion to $480 billion to include our priorities. An additional $60 billion was set aside for small banks and community development financial institutions and credit unions. We were determined to add billions for small community lenders. We wrote into the legislation that these loans will be forgiven if properly used for paycheck protection. I call on Secretary Mnuchin to follow through on his commitment to Chairs Waters and Velazquez to ensure that these small lenders get the money; make sure the money gets into the hands of African American, Latino, women, and veteran-owned businesses; make sure the money gets into the hands of nonprofits and churches. I call on the Small Business Administration to furnish data on the approved lenders authorized to originate these loans, provide a report to us by race and ethnicity as to whether diverse entities are receiving these loans and grants.
