This story appeared in Bank Digest.
Representative Joyce Beatty (D-Ohio) is introducing the Making Opportunities a Reality for Entrepreneurs (MORE) PPP Act, which is intended to ensure that the nation’s small businesses, including minority-owned businesses, independent contractors, and 1099 workers, will have fairer access to participation in the Paycheck Protection Program.
Beatty said, “Since the very beginning of this public health crisis, I have consistently fought to get desperately-needed funding into the hands of small business owners like cosmetologists, barbers, nail technicians, family restaurants, those working from gig to gig, sole proprietors, and self-employed individuals.” She said her bill “will do just that by injecting additional resources into the PPP, setting aside targeted funding for entities with 25 or fewer employees, and instituting safeguards to make sure small businesses—not big, publicly traded companies—can obtain the support they need to weather the virus’ financial fallout and ultimately keep their doors open.”