New Address: Two Embarcadero Center, 8th floor, San Francisco, CA 94111     

Congresswoman Judy Chu on Federal Small Business Assistance

In her video, Judy addresses Federal Assistance for small business that has happened so far, and dives into what is in the works.

She goes into depth of the PPP program where $800 billion went to small businesses through forgivable loans. This allowed businesses to keep employees on payroll when their businesses were not able to operate during the height of the pandemic. However, much of this money was going to the biggest businesses, instead of the smallest businesses that needed the funding most. So, she fought for a set aside CDFI’s. CDFI’s consistently outperformed larger banks in funding to underserved and vulnerable businesses in the community.

She also evaluated that white neighborhoods in the Los Angeles region benefited more from the PPP loans than the minority neighborhoods. Because of this Judy sent a letter to the SBA to address the racial disparities in the program to help make sure the funding opportunities were fair and accessible to everyone.

Looking toward recovery, Judy goes into depth highlighting incredible investments that were approved by the House Small Business Committee in September, but still need to pass Congress. Unlike the pandemic response bills, these proposals look beyond the immediate crisis to support small businesses over the long term. Their number one priority is to expand access to capital for the smallest businesses. They are working hard to make sure underrepresented entrepreneurs have access to funding.