National ACE Joins New Coalition to Prioritize Underserved Business Communities in COVID-19 Response

The largest small business package in America's history was included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in late March…

PAGE 30 OF THAT LEGISLATION READS:

"SENSE OF THE SENATE.—It is the sense of the Senate that the Administrator should issue guidance to lenders and agents to ensure that the processing and disbursement of covered loans prioritizes small business concerns and entities in underserved and rural markets, including veterans and members of the military community, small business concerns owned and controlled by socially and economically disadvantaged individuals (as defined in section 8(d)(3)(C)), women, and businesses in operation for less than 2 years."

"COVID-19 has had a devastating impact on the more than 2 million AAPI businesses in the U.S. Federal relief programs, while welcome and necessary, are only as good as their accessibility. Our community continues to lack federally mandated in-language resources, and many eligible applicants continue to be turned away from participating lenders. We must prioritize our vulnerable populations, which is why the Asian & Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE) is proud to be a founding member of the Page 30 Coalition." - Chiling Tong, President & CEO, National ACE.

Read the full press release HERE.