MSNBC

MSNBC 21 May 2020

Sen. Harris: Congressional Relief For Small Businesses Was 'Deeply Flawed'

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Senator Kamala Harris (D-CA) joins Lawrence O'Donnell to discuss what Congress should do next to address the growing economic impact of the pandemic. Aired on 5/21/2020.


President Trump, Treasury Secretary Mnuchin, the SBA Administrator and Ivanka Trump will participate in "America CARES: Small Business Relief Update".

FOX News operates the FOX News Channel (FNC),
It's been reported that much of the money reserved for small businesses isn't going to the people who need it most; over 22 million people lost their jobs in the last month.
Stephanie Ruhle and Gary Cohn, former director of the National Economic Council, discuss Shake Shack returning a $10 million loan and what it means for small businesses. Aired on 4/20/2020.
The U.S. federal government's emergency lending program for small businesses recently allocated an additional 310 billion dollars after the first round of money ran out in just two weeks. Part of the problem is big businesses got a big chunk of the money meant for small businesses. CGTN'S Karina Huber has more.

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TO BE BURDENED BY THE LAWS OR
FOLLOWING THE LAWS SO THIS IS
NOTHING NEW, LAWRENCE.
>> SENATOR, I WANT TO TURN TO
THE NEW ECONOMIC NUMBERS THAT
CAME OUT TODAY, A NEW RECORD
FILING FOR UNEMPLOYMENT BENEFITS
BUT THE UNEMPLOYMENT BENEFITS
DID NOT COVER EVERYONE WHO IS
SUFFERING IN THIS SITUATION.
I WANT TO LISTEN TO STACY BARLOW
HILL WHO IS A SMALL BUSINESS
OWNER IN PENNSYLVANIA IN
PITTSBURGH.
LET’S LISTEN TO HER.
>> I’VE WORKED SO HARD TO BUILD
AND TO CREATE A REPUTABLE ENTITY
IS JUST FALLING APART BEFORE ME,
AND THAT’S REALLY HARD.
IT’S REALLY HARD TO WATCH THAT.
>> SENATOR, DONALD TRUMP AND THE
REPUBLICANS SEEM TO THINK THAT
SMALL BUSINESS OWNERS LIKE HER
CAN JUST MAGICALLY RECREATE
THEIR BUSINESS AFTER ZERO
REVENUE FOR ALL THIS TIME AND NO
ABILITY TO PAY THEIR STAFF.
>> YEAH.
IT’S TRAGIC, LAWRENCE.
TODAY THE JOBS NUMBERS CAME OUT,
OF COURSE.
WE’RE LOOKING AT ALMOST 40
MILLION AMERICANS WHO ARE NOW
OVER THE COURSE OF THE LAST 100
DAYS HAVE BECOME UNEMPLOYED
BEFORE THE PANDEMIC WE KNEW LESS
THAN HALF OF AMERICAN FAMILIES
COULD AFFORD A $400 UNEXPECTED
EXPENSE.
PEOPLE ARE HURTING.
I SPEAK ALL THE TIME ABOUT THE
FACT RECENTLY WE LEARNED ONE IN
FIVE MOTHERS WITH A CHILD UNDER
THE AGE OF 12 REPORTS THEIR
CHILDREN BEING HUNGRY, AND THEN
WHEN IT RELATES TO SMALL
BUSINESSES, WE IN THE CONGRESS
FOUGHT FOR SMALL BUSINESS
RELIEF, BUT IT WAS DEEPLY
FLAWED.
WHAT ENDED UP HAPPENING IS THE
PAYCHECK PROTECTION PROGRAM
ENDED UP GOING TO PUBLICLY
TRADED COMPANIES AND WHAT ENDED
UP ALSO HAPPENING IS THAT 90% OF
MINORITY AND WOMEN-OWNED
BUSINESSES DID NOT GET RELIEF
FROM THE PAYCHECK PROTECTION
PROGRAM, WHICH IS WHY TOGETHER
WITH PRESLEY, THE CONGRESSWOMAN
FROM MASSACHUSETTS I PROPOSED
THIS SAVING OUR STREET ACT,
WHICH WOULD BE ABOUT SAVING THE
BUSINESS DOWN THE STREET.
THE HAIR SALON, THE
FROMMEST AND EST
FLORIST, MAKE SURE THEY HAVE
DEDICATED RESOURCES THROUGH THE
FEDERAL RELIEF PACKAGE AND $125
BILLION THAT WOULD GO TO THOSE
SMALL BUSINESSES SO WE CAN MAKE
SURE THAT WE KEEP THEM ALIVE.
THEY ARE PART OF THE LIFE BLOOD
OF OUR COMMUNITIES AND AS SO
MANY OF US KNOW, THESE ARE THE
LOCAL RESTAURANT.
THESE ARE THE FOLKS WHO KNOW US.
THESE ARE THE FOLKS WHEN WE WALK
IN, THEY KNOW OUR CHILDREN AND
ASK HOW OUR DAY OR WEEK HAS BEEN
AND WE GOT TO KEEP THEM ALIVE.
WE GOT TO KEEP THEM FLOATING AND
GETTING THROUGH THIS PANDEMIC,
WHICH WAS NOT OF THEIR MAKING.
>> AND OF COURSE, WHAT THE
REPUBLICANS TRIED TO DEFINE
SMALL BUSINESS IN THEIR
LEGISLATION TO HELP SO-CALLED
SMALL BUSINESSES, THEY DEFINED
IT AS A BUSINESS WITH 500 OR
LESS EMPLOYEES.
THAT’S NOT WHAT WE THINK OF AS
SMALL BUSINESS.
YOUR NUMBER TEN IN THOSE SMALL
DOUBLE DIGIT NUMBERS, THOSE
LITTLE BUSINESSES LIKE THAT
DIDN’T HAVE THE POWERFUL LAWYERS
AND ACCOUNTANTS WHO COULD
IMMEDIATELY SECURE THAT MONEY
FOR THEM SO BY THE TIME THEY GOT
NEAR THE PAPERWORK, IT WAS ALL
GONE TO THOSE BIG COMPANIES.
>> YOU’RE EXACTLY RIGHT,
LAWRENCE.
IN FACT, SO MANY OF THEM AND IN
PARTICULAR, THESE SMALL
BUSINESSES, WOMEN OWNED,
MINORITY OWNED BUSINESSES MANY
OF THEM DON’T HAVE A LYNN OF
CREDIT OR BANK WITH THE
COMMUNITY BANK AND SO THEY’RE
NOT THE ONES AFFILIATED WITH THE
BIG BANK AND SOME POWERFUL
BANKER WHO CALLS THEM UP AND
SAYS HEY, BOB, THIS MONEY IS
ABOUT TO COME DOWN, LET ME START
GETTING YOUR PAPERWORK IN ORDER.
I HAVE A CONSTITUENT WITH A
BEAUTY SALON THAT TOLD US LOOK,
THEY WANT ME TO FILL OUT ALL
THIS INFORMATION ABOUT MY
VENDORS.
I GET MY PRODUCTS AT THE BEAUTY
SUPPLY STORE.
SHE’S PART OF THE COMMUNITY.
SHE’S AN IMPORTANT BUSINESS IN
THE COMMUNITY AND EXACTLY THE
KIND OF BUSINESS WE NEED TO KEEP
ACTIVE AND ALLOW THEM TO GET THROUGH THIS CRISIS.
THROUGH THIS CRISIS.
SO PART OF MY BILL WITH IONNA
PRESSLY SAYS THIS MONEY WILL NOT
BE AVAILABLE TO PUBLICLY TRADED
COMPANIES.
IT 20 EMPLOYEES IN UNDER.
IF THEY ARE DISADVANTAGED
COMMUNITIES, IT’S TEN EMPLOYEES
OR FEWER.
THEY ARE THE LIFE BLOOD.
THEY ARE THE FAMILY RESTAURANTS.
CAN YOU SPONSOR THE LITTLE
LEAGUE TEAM, THEY’RE THERE.
THEY’RE THE ONES WHEN THERE IS A

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