Congress has approved a $484 billion spending bill to help stimulate the economy during the COVID-19 pandemic, with a majority of these funds allocated to replenish the Paycheck Protection Program for small businesses. Most small businesses in Michigan did not receive any money from the previous stimulus package.
“You need to have this money distributed equitably, to small business all across the country.”
Detroit Today’s Jake Neher speaks with Sen. Gary Peters about the new relief small businesses may soon find, and how to move forward.
Listen: Senator Gary Peters weighs in on the financial needs of small businesses in Michigan and across the country.
US Senator Gary Peters, a Democrat representing Michigan, describes how many small businesses within Michigan have taken a large hit from the recent economic fallout, and have yet to receive any aid.
“We’re roughly the tenth largest state in the country in terms of population. But we ranked 35 in terms of money coming to our small businesses,” Peters says.
“You need to have this money distributed equitably, to small business all across the country,” says Peters. And while there has been some delay in getting this legislation approved, Peters adds that in the long run, that will result in more money in the hands of Michigan’s small business owners. “We fought for, and got, a carve-out of money to make sure those banks in our underserved areas have money to help those businesses in those areas.”