, community loan funds and philanthropists, the Federal Reserve and the regulators and policymakers. This is not a time for lip service. To avoid catastrophic failure across large swaths of our small business economy, we need to quickly get a large number of small sums to a substantial portion of the 50 million small businesses and freelancers across America.authorized by Congress and the Main Street Lending Program from the Federal Reserve, seek to help small businesses and their employees.
The current programs, including the Payroll Protection Program ... fail to reach vast swaths of the American entrepreneurial landscape.announced last week. It does the right thing by, among other things, extending credit to banks involved in the PPP program.
But it doesn't go far enough. It bases lending formulas on metrics that won't result in typical businesses being able to access the capital they need, doesn't include a forgiveness provision like the PPP, and still fails to address the needs of most sole proprietor businesses and the gig/freelance economy.
Don't make the mistake of thinking that because a business is small or a solo business, it isn't valuable or an economic driver. It's precisely through networks of entrepreneurially minded people that social value is created, innovations start and fast-growing companies that produce jobs are born.Here's another misunderstanding: America's small business owners aren't white males anymore. The entrepreneurs of the future are women, people of color and immigrants .
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