April 22, 2020/Media

Tillis’ Wall Street Donors Derailed Small Businesses Relief Program

According to several newly-filed lawsuits, Senator Thom Tillis’ Wall Street campaign donors may be to blame as small business owners across North Carolina struggle to get access to federal Paycheck Protection Program (PPP) support.

North Carolina ranks 42nd in the nation for the percentage of eligible small businesses getting grants from the PPP, and just 22% of companies with less than 5,000 employees got loans. Local small business owners report feeling like a “deflated balloon,” unsure if they’ll get relief and when.

Now, several new reports and lawsuits allege that Wall Street banks, including those donating to Senator Tillis’ reelection campaign, reportedly “prioritized” sending PPP support to big corporations in order to maximize loan-origination fees and their own profits.

Tillis has received more than $43,000 from four of the Wall Street banks named in the new lawsuit – JPMorgan Chase, Bank of America, U.S. Bank, and Wells Fargo, as Wall Street has “zeroed in on Tillis” to prop up the vulnerable incumbent.

Now, the administration and these Wall Street mega-banks have left North Carolina small businesses, and small businesses around the country, confused and frustrated and “without seeing a penny.

Read more on how small business have struggled with the PPP: