Minority Businesses Are Getting More Paycheck Protection Loans

Black Local and National News

by Staff 20 Views

By Peter White NASHVILLE, TN — Ethnic Americans start and operate most of the small businesses in the U.S. Many “mom and pop” operations were devastated by COVID-19. Unfortunately, 90 percent of minority and women-owned businesses were shut out of the Paycheck Protection Program. (PPP). The PPP was supposed to keep small businesses afloat during the pandemic and keep their employees on the payroll. But only 12 percent of African American and Latino businesses and 25 percent of Asian business received stimulus fund loans. The Small Business Administration administers the program. The number of...