American economy

Amalgamated Bank applauds and appreciates the actions of Congress to increase funding for the Small Business Administration (SBA) Payroll Protection Program (PPP), specifically creating carve outs for local banks, minority deposit institutions, and community development financial institutions.

Amalgamated Bank is urging Congress to act swiftly to support the more than 30 million nonprofits and small businesses that were unable to access the first round of Small Business Administration (SBA) Payroll Protection Program (PPP) loans.

This unprecedented moment is calling those in leadership to act in bold and innovative ways. The COVID-19 virus has impacted the entire global economy putting at risk the livelihood of tens of millions of Americans. Those who were already vulnerable in our economy are pushed even further to the brink.

Amalgamated Bank works hard every day to support the most powerful change makers in America. We have the honor of standing with thousands of leaders of social change – nonprofits, foundations, labor unions, and more - as they take on complex, deeply rooted issues affecting hundreds of millions of lives.

Until recently, “profitability” and “socially responsible” have been treated as mutually exclusive terms with many under the impression that dedicating resources to promoting positive change meant diverting those same resources away from turning a profit.

Labor Day has lost its identity. What used to be a day that celebrated workers and their fight for shorter hours, higher pay and safer working conditions has become one that is spent rummaging through sales in big box stores where minimum wage employees are forced to work on the one day that was created to honor them.