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September 17, 2020

Rep. Trone Releases New Congressional Report that Shows the Paycheck Protection Program Disproportionately Excluded Black, Hispanic, and Women-Owned Small Businesses in Maryland’s Sixth Congressional District

FOR IMMEDIATE RELEASE

Contact: Trone.Press@mail.house.gov

Rep. Trone Releases New Congressional Report that Shows the Paycheck Protection Program Disproportionately Excluded Black, Hispanic, and Women-Owned Small Businesses in Maryland’s Sixth Congressional District

Trone: “While the PPP saved at least 56,000 jobs, countless small businesses were left out in the cold. We can and must do better.”

GAITHERSBURG, MD – Today, Congressman David Trone released a new Congressional report that reveals never-before-seen numbers about how the Paycheck Protection Program (PPP) disproportionately excluded Black, Hispanic, and Women-owned small businesses in Maryland’s Sixth District.

While the report shows that the PPP saved at least 56,000 jobs in the Sixth District, the report identifies the strengths and weaknesses of the program and diagnoses what more needs to be done to help businesses keep their doors open as they recover from the COVID-19 pandemic.

“Small and diverse businesses are the backbone of the Maryland and American economies. During this health and economic crisis, we in Congress need to fight to make sure these businesses have what they need to weather the crisis,” said Congressman David Trone. “While the PPP saved at least 56,000 jobs, countless small businesses were left out in the cold. We can and must do better.”

Report Highlights

In Maryland’s Sixth District, the PPP Program:

  • Saved at least 56,000 jobs
  • Provided more than $453 million in loans up until June 30, 2020
  • Disproportionately excluded Black and Hispanic small businesses. Black and Hispanic populations received only 5.5 percent and 8.4 percent of PPP loans, respectively, despite each representing close to 15 percent of Maryland’s Sixth District residents.
  • Disproportionately excluded women-owned businesses. Although the male to female business ownership split is only 60-40 nationwide, 75 percent of PPP loans in Maryland’s Sixth District went to businesses owned by men.

Trone’s business background gives him unique insight into the struggles small businesses are facing during the COVID-19 economic crisis. Before coming to Congress, he founded a small business which he successfully grew to an organization with over 9,000 employees located in more than 25 states nationwide. Trone is a member of the Joint Economic Committee and in June, he was awarded the prestigious “Spirit of Enterprise” Award by the U.S. Chamber of Commerce, which recognizes Members of Congress who promote pro-economic growth policies and who work in a bipartisan fashion to get real results for American workers and businesses. Trone was the only member of the Maryland Congressional Delegation and one of only 32 Democrats nationally to receive the award.

You can access the entire report here.

Congressman David Trone was elected to the House of Representatives in November 2018 to serve the 6th District of Maryland, which includes all or part of Montgomery, Frederick, Washington, Allegany, and Garrett Counties. Trone serves on the Education and Labor, Foreign Affairs, and Joint Economic Committees, where he is fighting to make progress on issues that matter to Marylanders, including the opioid epidemic, criminal justice reform, and funding for medical research. 

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