INVEST IN AMERICA WEEKLY ROUNDUP

This week, Invest in America and Invest in America Action: 

  • Published a new report, “On the Chopping Block: What Republican Senators’ Opposition to the American Rescue Plan Will Mean for Their State,” detailing what’s at stake in the home states of Republican senators who oppose the state and local aid contained in the American Rescue Plan.

  • Released a fact sheet detailing the dire need for state and local financial aid through the American Rescue Plan.

  • Held a press call in partnership with Small Business for America’s Future calling for robust Covid relief to save Main Streets. The call featured Senator Ben Cardin, Small Business for America’s Future Senior Advisor Rhett Buttle, and small business owner Tiara Flynn.

  • Released a letter signed by nearly 330 small business owners and leaders — including representatives from 30 Chambers of Commerce — urging bold action on the American Rescue Plan.

  • Released a new national survey of over 1,200 small business owners which found that a majority of small business owners want robust economic relief — even if Republican lawmakers fail to come on board.

  • Released a new video organized with Small Business for America’s Future featuring small business owners who shared their struggles to keep their heads above water during the pandemic and described the need for the American Rescue Plan.

  • Released a poll with Data for Progress which found that 88% of voters, including 86% of Republicans and 87% of Independents, support direct financial aid for small businesses as part of Covid relief.

  • Pushed back on inflation hawks and uplifted Federal Reserve Chair Jerome Powell’s calls for far-reaching public investment.

SPECIAL NOTE ABOUT INVESTING IN BLACK AMERICA

As we reach the close of Black History Month, Invest In America would like to acknowledge the disproportionate effects the Coronavirus pandemic has had on Black communities and small businesses. Covid has both exposed and exacerbated the racial inequalities in public investment that have long existed in our country.

Here are some key facts to keep in mind:

  • Just this week, Federal Reserve Chair Jerome Powell testified that inequality weighs down the economy and stunts economic growth.

  • As illustrated by a report from the New York Federal Reserve, the higher mortality and infection rates among Black Americans have taken a toll on Black-owned businesses, which are more likely to be located in Covid hot spots.

  • Black-owned small businesses faced increased barriers to Paycheck Protection Program (PPP) loans. Approximately 41% of America’s Black-owned businesses permanently closed between February and April of 2020. 36% of Black and Latinx-owned small business report they can’t survive more than three months without more aid, according to a new survey from Small Business Majority.

That’s why it’s crucial that America goes big on public investment, which will grow the U.S. economy and begin to address the severe underfunding of Black and Brown communities across the country.

INVEST IN AMERICA IN THE NEWS

Business Insider: Nearly 330 small business leaders call for $1.9 trillion stimulus relief package
Some small business leaders and owners are calling for Congress to pass the American Rescue Plan.

Nearly 330 — including almost 30 leaders from different chambers of commerce — signed onto a letter organized by Invest in America and Small Business for America’s Future. They’re calling for the passage of the package, which includes several provisions for small businesses.

Politico: Dems prepare for party-line House vote on Biden’s pandemic aid bill
The House is on track to pass President Joe Biden’s $1.9 trillion coronavirus relief package by the end of this week as Congress sprints to deliver aid to millions of Americans reeling from the pandemic and facing a jobless benefits cliff in mid-March.
[…]
“We need the help to help our citizens get vaccinated,” Iowa State Treasurer Michael Fitzgerald said Thursday during a call hosted by the advocacy group Invest in America Action.

“We’re 46th in the country when it comes to helping people get vaccinated. There’s no excuse for that,” Fitzgerald said. “We need help. We need help right now.”

Telegraph Herald: Politics: Area Iowa lawmakers take another swing at mobile home resident protections
Tri-state treasurers back Biden’s plan

Democratic State Treasurers Michael Frerichs, of Illinois, Michael Fitzgerald, of Iowa, and Sarah Godlewski, of Wisconsin, joined a letter from 17 state treasurers from around the country in support of President Joe Biden’s American Rescue Plan for pandemic relief.

“The health and economic emergency associated with the coronavirus crisis has taken a severe financial toll on states and municipalities,” the letter read. “Tax revenues have plummeted while expenses associated with battling the pandemic have soared. Overall state budget shortfalls are set to exceed $500 billion over the next two years.”

Entrepreneur: Nearly 330 Small-Business Leaders Call for $1.9 Trillion Stimulus Relief Package
Of the small business owners surveyed by Small Business for America’s Future, 60% said that they would primarily use any COVID relief funds to keep workers employed.

“Main Streets across the country need this lifeline — and they need it now. It’s the only way to prevent more businesses from closing and to keep millions of Americans on the job,” the letter from small business owners and leaders said. “The American Rescue Plan meets the urgency of the moment and takes the steps necessary to save small businesses struggling during these difficult times.”

 

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