Congressional Candidate Sara Jacobs proposes small business relief plan
SAN DIEGO (KUSI) – Candidate for 53rd congressional district, Sara Jacobs, said the $310 billion newly appropriated for the Paycheck Protection Program is a good start, but it doesn’t do nearly enough.
Jacobs has proposed a relief plan to help small businesses, saying “businesses especially ones owned by women and people of color and those without long-standing relationships with banks, have been unable to receive the assistance that they need.”
She proposed the following changes to the Paycheck Protection Program:
o Make sure any small business that is eligible for PPP receives it.
o Designate at least $70 billion for Community Development Financial Institutions and Minority Depository Institutions
o Allow lenders to do cash advances for their PPP loans.
o Simplify the application process and rules
She is also advocating to:
o Use restaurants to address food insecurity
o Invest in child care infrastructure
o Prioritize small businesses in government procurement
o Set up a National Business Interruption Risk Insurance Program
o Make a paycheck protection-like program permanent