WASHINGTON – U.S. Senators Tim Scott (R-SC) and Chris Coons (D-DE), members of the Senate Committee on Small Business and Entrepreneurship, co-led a letter to the Small Business Administrator (SBA), Jovita Carranza, requesting the SBA’s current and prospective plans and recommendations for encouraging entrepreneurial growth, particularly for minority owned small businesses and businesses in communities of color.
"Prior to the COVID-19 pandemic, we had witnessed the longest economic expansion ever recorded in the United States, with unemployment at 50-year lows, poverty on the decline, and incomes on the rise for most, albeit not all, communities and populations in America. The pandemic, unfortunately, has reversed these encouraging trends, triggering widespread job losses and small business closures. While our economy is proving resilient, a robust and sustainable recovery will demand an aggressive entrepreneurial growth strategy," wrote the senators.
"The Paycheck Protection Program (PPP), which has enabled essential short-term relief for job creators across the country, provides an optimistic illustration of Congress’s ability to work on a bipartisan basis, in consultation with federal agencies, to protect American jobs and preserve pathways to economic opportunity. That said, in order to effectively rebuild, expand, and innovate, our small businesses and entrepreneurs will need additional tools and support, including through practical guidance and mentorship," the senators continued.
A bipartisan group of seven senators joined the letter, including Senator Marco Rubio (R-FL), chairman of the Senate Committee on Small Business and Entrepreneurship, and Senators Jim Risch (R-ID), Cory Booker (D-NJ), Todd Young (R-ID), and Jacky Rosen (D-NV).
Prior to being elected to Congress, Senator Tim Scott was a successful entrepreneur and small business owner in South Carolina. He continues to fight for small businesses and workers in Washington to ensure that everyone has access to opportunity.
A copy of the letter is available here.