Thread by @stacyfmitchell

So disheartening. The Democrats still do not grasp what's needed to sustain shuttered small businesses & their millions of employees.

After a disastrous rollout if the CARES program through SBA, @SenSchumer & @SpeakerPelosi should be calling for a new approach. 1/

@SenSchumer @SpeakerPelosi Small businesses need direct cash infusions from the IRS/Treasury to cover payroll & rent for a few months. This is what many EU countries are doing. Small business are facing extinction. Democrats need to lead! 2/

@SenSchumer @SpeakerPelosi Instead, @SenSchumer & @SpeakerPelosi want to put more money into the SBA program. Ok, it needs more $, but it's limitations are not simply about funding.

It’s not a system capable of delivering relief at scale to all impacted businesses. 3/

@SenSchumer @SpeakerPelosi Because of the inherent limits of the SBA system, many businesses can’t grab on to this lifeline. And for those who do, it’s not strong enough to pull them to shore.

This is esp. true for businesses that lack banking relationships (i.e. POC, immigrant, rural). 4/

@SenSchumer @SpeakerPelosi Rather than taking up the solution that many business groups are calling for — direct cash through Treasury — Pelosi and Schumer call for putting $125 Billion into CDFIs.. This is ludicrous. 5/

Here’s their proposal speaker.gov/newsroom/4820

@SenSchumer @SpeakerPelosi I love CDFIs. But all the CDFIs combined are tiny in the scheme of things. They have total assets of $136 billion. Do you really think they can deliver, in a few weeks, $125 billion in loans to small businesses?
6/

@SenSchumer @SpeakerPelosi This is a recipe for disaster, for small businesses, for CDFIs, for the Democrats.

Democrats, please get your act together. Small businesses are desperate for leadership that gets it. Be that Party.

7/7