USBC Statement on the Passing of the $484 Billion bill to Supplement the CARES Act
(WASHINGTON – April 23, 2020) – The U.S. Black Chambers (USBC) has been at the forefront of urging Congress to pass robust funding to aid small business owners, specifically Black small business owners. Following the passage of the $484 billion CARES Act supplement, USBC president Ron Busby released the following statement:
“The fight continues… we will continue to aggressively urge Congress, local and state legislators to target and set aside funding specifically for Black-owned businesses, said Ron Busby, President, U.S. Black Chambers.
We advocated early-on for additional CARES Act funds to be allocated to lenders and organizations who have a track record of supporting Black and disadvantaged businesses, including Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs).
We applaud Congress on its efforts to protect and stimulate small businesses across the board, but our fight doesn’t stop here. Black lives and Black businesses are hit the hardest by the pandemic; it’s only right that there be targeted and clearly specified aid that supports those hit the hardest.”
The U.S. Black Chambers is the voice of Black business owners and a key ally in helping Black business owners navigate COVID-19 resources. The new funding set-asides $60 billion for community banks and CDFIs among other lending institutions. We urge Black business owners to swiftly apply for the set-aside funds.