I am from Michigan, and here in my hometown I have seen our community rally to do all we can to support our neighbors and local businesses during this difficult time. Thanks to President Donald Trump, some more help is on the way, especially for Black-owned small businesses.
From the start of this pandemic, the president’s first priority has always been the health and well being of Americans, especially our most vulnerable. While he and his team are working to mitigate the spread of the coronavirus, he is also working to ensure that our economy can bounce back stronger than ever.
Prior to the COVID-19 pandemic, we saw record low unemployment in the Black community, and many stepping out on faith to become entrepreneurs and contribute to what was one of the best economies we had seen in America. There is a lifeline for the millions of Black-owned small business owners across the country that will help make this season easier to manage called the Paycheck Protection Program.
In a matter of just a few short weeks, small businesses in so many communities that were bustling with activity, providing jobs, opportunity and hope have now gone empty as they play their part in slowing the spread.
At a time where people’s lives and livelihoods are on the line, the President is ensuring that small businesses have the financial resources they need to help them weather the economic storm this virus has imposed.
Every Black-owned small business should apply for relief under the Paycheck Protection Program today.
This amazing program is a product of the bipartisan relief package President Trump signed into law providing $350 billion of liquidity in the form of forgivable loans to small businesses, churches, and non-profits all across America.
Under this program, small-business owners can apply for up to eight weeks of cash-flow assistance at their local bank or at any one of the Small Business Administration’s approved lenders.
Critically, as long as the loans go toward things like maintaining all employees’ salaries and keeping the lights on and the doors open, they will be forgiven in full, so essentially this is a grant.
In other words, for Black-owned small businesses (salons, restaurants, boutiques, you name it), there is guaranteed cash with no strings attached waiting for you. But you have to apply.
During this incredibly challenging time, small-business owners need the certainty that the business they have spent years pouring their money, time and energy into building will still be around once we beat this virus. This program does that.
The more small businesses that can keep their employees on payroll, the easier it will be for them to get back up and running once the economy reopens, putting our country in the strongest possible economic position, especially in communities of color.
Small businesses can find these details and more, as well as apply at <sba.gov/ppp>.
America’s small businesses, and the hardworking men and women they employ, represent more than just our shared faith in the free-enterprise system.
Black-owned small businesses, all over our country are the cornerstone of community life and sources of great pride.
As he has demonstrated throughout this crisis and for nearly four years in office, President Trump is committed to fighting for Black-owned businesses.
Thanks to his leadership, small businesses are going to weather this storm and they, along with our entire economy, are going to recover and come roaring back stronger than ever before.
(Ronna McDaniel is chair of the Republican National Committee. Follow her on Twitter @GOPChairwoman).