Westford issued the following announcement on August 5.
The impact of the COVID-19 pandemic has been devastating for many small businesses. And although the federal government has issued billions in forgivable loans for companies through the Paycheck Protection Program (PPP), the funding didn’t reach some of the small businesses that needed it most.
Over the next few weeks, Congress is expected to take up and pass “COVID Phase IV” stimulus and relief legislation. Changes to the PPP will be part of this discussion. While the program has helped over 500,000 businesses stay afloat, it’s been criticized for a poor track record when it comes to helping businesses owned by minorities and women.
American Family Insurance is committed to bridging equity gaps across communities and is urging lawmakers to make this new legislation more inclusive. Organizations such as the U.S. Hispanic Chamber of Commerce and the U.S. Black Chambers are among those lobbying for changes to the program to provide greater support to minority- and women-owned businesses. We agree, and American Family has shared this position with lawmakers who are discussing the legislation:
“American Family Insurance urges Congress to make changes to the Paycheck Protection Program (PPP) to better assist minority- and women-owned businesses. Evidence is mounting that businesses owned by minorities and women have been particularly hard hit by the COVID-19 pandemic while at the same time facing challenges in accessing federal assistance like the PPP. Congress must act quickly to remedy this situation.”
“The lack of funding is creating a ripple effect in the communities these businesses serve,” said Candy Embray, president of commercial lines at American Family. “Minority- and women-owned businesses are more likely to employ people of color and serve diverse communities – and a large number of these businesses tend to be in sectors hit particularly hard by the COVID-19 pandemic.”
Original source here.
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