On Tuesday the United States Senate approved a $484 billion coronavirus relief package that’s expected to pour billions more into the Paycheck Protection Program (PPP) intended to give small businesses financial relief during pandemic-spurred shutdowns. But it seems that minority-owned businesses, overall, were again given the short end of the stick. Of the $310 billion set aside for the PPP, just $60 billion will go to assist small lenders and community-based financial institutions.
Advocates Say Black Businesses Get Sidelined In $484 Billion Relief Package
THE SENATE HAS APPROVED A $484 BILLION RELIEF PACKAGE INTENDED TO AID FLAILING BUSINESSES. CRITICS OF THE BILL SAY IT DOESN’T GO FAR ENOUGH.
BY TANYA A. CHRISTIAN ·
On Tuesday the United States Senate approved a $484 billion coronavirus relief package that’s expected to pour billions more into the Paycheck Protection Program (PPP) intended to give small businesses financial relief during pandemic-spurred shutdowns. But it seems that minority-owned businesses, overall, were again given the short end of the stick. Of the $310 billion set aside for the PPP, just $60 billion will go to assist small lenders and community-based financial institutions.
Advocates say it’s simply not enough.
“Businesses of color employ more than 8.7 million Americans and generate more than $1.38 trillion to the overall economy. The Senate is exacting damage on whole communities, states and regions when these businesses cannot access the Small Business Administration’s PPP funds to keep their doors open and maintain their employees,” said Ashley Harrington, federal advocacy director and senior counsel for the Center for Responsible Lending in a statement shared with ESSENCE.“Businesses of color were locked out of round one of the SBA PPP, and the Senate’s new proposal fails to ensure that they will have access to the new $310 billion