The Paycheck Protection Program’s (PPP) minimal funding of Black-owned businesses is showing, as with most things in America, covid-19 relief is not created equal.
Results from a new survey show that only 12 percent of Black and Latino business owners received the coronavirus relief loans they applied for, reported the New YorkTimes.
In interviews with 500 business owners and 1,200 employees, almost two-thirds said they tried to get loans under 50,000, the report said. Since most of them were denied they told Salon they are going to have to lay off employees and/or close altogether permanently.
Another 26 percent told The Times they only got a smidgen of the funds they asked for. The survey was commissioned by Color Of Change and UnidosUS, both of which advocate for equal rights.
“If we don’t get policies to protect these communities, we will lose a generation of black and brown businesses, which will Click here to read entire article