Tag: TRUTH Act

Congressman Phillips: Critical Small Business Developments

It’s a rainy and unconventional Memorial Day Weekend, so I thought I’d check in with some good news. I just got word that we’re going to be voting on TWO of my bipartisan small business bills in the House on Wednesday. From the beginning of the COVID-19 pandemic, it has been clear to me that we need to do more to support our small businesses as they weather this economic storm. The relief programs that were hastily enacted back in March simply aren’t working as intended – and to make matters worse, there’s no accountability or transparency over how the Small Business Administration is spending that relief money (your tax dollars). Here’s how I have been working to fix that:

  • Representation begins with listening, so I’ve been talking with countless small business owners in Minnesota and around the nation about their experiences accessing relief. Their feedback has driven every step that follows…
  • Public advocacy builds support, so I petitioned Treasury Secretary Steve Mnuchin and the House Small Business Committee to fix our small business relief programs
  • Bipartisan collaboration and action is what makes good ideas viable, so I teamed up with Rep. Chip Roy (R-TX) to write the Paycheck Protection Program Flexibility Act, which fixes the problems we’re hearing about from small businesses once and for all
  • Voting turns policy ideas into law, so I went to bat for our small businesses and successfully secured a vote on TWO important, bipartisan reforms, the Paycheck Protection Program Flexibility Act and the TRUTH Act

Continue reading “Congressman Phillips: Critical Small Business Developments”

Rep. Phillips introduces TRUTH Act to ensure SBA transparency

WASHINGTON, DC— Today, Rep. Dean Phillips introduced the Small Business Transparency and Reporting for the Underbanked and Taxpayers at Home (TRUTH) Act. The TRUTH Act would direct the Small Business Administration (SBA) to explain and justify all disbursements of coronavirus relief funds, ensuring transparency and accountability from this critical agency. Original co-sponsors include Reps. Abigail Spanberger (D-VA), Lou Correa (D-CA), Jan Schakowsky (D-IL), Tom Malinowski (D-NJ), Lucille Roybal-Allard (D-CA), Betty McCollum (D-MN), Debra Haaland (D-NM) , John Garamendi (D-CA), Josh Gottheimer (D-NJ) and Gregorio Sablan (I-MP)

The CARES Act, Payroll Protection Program and Health Care Enhancement Act together allocated more than $2 trillion to address the devastating coronavirus pandemic. However, to date, SBA has not provided full transparency over its administration of the Payroll Protection Program (PPP) and Economic Injury Disaster Loan Program (EIDL). This has led many to question the distribution of millions of dollars to well-financed institutions like the Los Angeles Lakers, while small businesses across the country remain without relief as their companies approach insolvency.

“The CARES Act was the largest distribution of taxpayer dollars in our nation’s history, and Americans deserve to know where their money is going,” Phillips said. “While we’ve managed to help millions of small businesses keep their lights on, millions more remain on the outside looking in. It won’t matter how much money we appropriate if the system by which it’s distributed is inaccessible to those who need it the most. As an entrepreneur and small business owner myself, I will be relentless in the pursuit of transparency and reforms necessary to ensure these programs work for all who need them to survive.” Continue reading “Rep. Phillips introduces TRUTH Act to ensure SBA transparency”