ICYMI: Trump’s Corrupt Recovery Abandons Colorado’s Small Businesses and Causes Historic Damage to Colorado’s Economy
Denver, CO — Even as Coloradans deal with the fallout of Donald Trump’s failed pandemic response, the Trump administration has continued to prioritize campaign donors, well-connected friends, and large corporations over supporting Colorado’s struggling small businesses and local economy.
“Donald Trump’s incompetence allowed this crisis to escalate into the worst economic disaster since the Great Depression. Now, instead of helping Colorado’s small businesses and our economy, Trump is only focused on helping his wealthy friends and donors,” said Colorado Democratic Party Chair Morgan Carroll.
“Colorado’s small businesses, families, and economy need help — yet, all they hear from the President of the United States are lies and erratic behavior. Coloradans have always seen through Trump’s corruption, and we won’t forget his failures in November.”
What Coloradans Are Saying:
Moreno and Zenzinger: Colorado will only face devastating cuts if the feds fail to step up. “During times of national crisis, it is the federal government’s responsibility to step in and help. Yet some members of Congress have made it clear that states are on their own. Senate Majority Leader Mitch McConnell went so far as to say he would let state governments declare bankruptcy rather than send them more federal funding.”
Colorado Sun: Federal coronavirus loans slow as Colorado businesses wonder if they’ll actually be forgiven. “‘You know, the whole point of this was to get money out quickly to help people. But it’s clear to me, our small businesses that we’ve helped — and it’s 2,400 of them — are primarily frozen,’ [said Koger Propst, president and CEO of ANB Bank in Denver]. ‘They’re afraid that if (they) spend it and (they) spend it wrong, because the forgiveness rules have not been published, it won’t be forgiven. … And so they’re waiting.’”
KCNC: Some Small Colorado Businesses Frustrated Over PPP Loan Process. “‘For our small company, we’re out of gas. We’re done,’ lamented [Scott Romme of Windsor-based Trident Construction]. His frustration has been echoed by other ‘mom and pop’ businesses in Colorado which applied for – but did not receive – PPP funding.”
KUSA: Why some Colorado restaurants are struggling to utilize the PPP loan. “Sonia Riggs, the president and CEO of the [Colorado Restaurant Association], said many restaurant owners turned to the Paycheck Protection Program (PPP) for financial help but realized the program was not designed well for restaurants. ‘PPP loans are really difficult for restaurants to use,’ she said.”
Denver Post: Round 2 of Paycheck Protection Program frustrates Colorado lenders, small business owners. “Carol Ferguson, owner of the Signet Jewelry Boutique in Cherry Creek, banks with Chase and didn’t have her paperwork ready in time to apply in the first round. When she reached out to her local branch manager on Monday she was told she would have to apply elsewhere because Chase’s pipeline was already full of pending applications.”
Meanwhile, Trump Is Funneling Relief Money to Friends and Donors
Washington Post: More than $1 billion in funding meant for small businesses was handed to large corporations.
CBS News: The Trump administration delivered a nearly $800,000 PPP loan to a company whose largest shareholder is Trump’s campaign manager.
CBS News: A data firm for Trump’s campaign received a $2.85 million loan — nearly 14 times the PPP loan average.
GQ: A Trump donor’s hotel — the biggest recipient of PPP funds — got $96.1 million meant for small businesses.