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April 29, 2020

Report: 90% of Minority-Owned Businesses Shut Out of Paycheck Protection Program
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Criticism is growing over a new government program that was supposed to
help small business owners receive low-interest loans to stay afloat
during the economic crisis. The New York Times recently revealed more
than 200 publicly traded companies received over $750 million in small
business loans before the initial funding ran out. The Intercept reports
many of the biggest beneficiaries have been major Trump donors,
including the owners of the Ritz-Carlton in St. Thomas.

Meanwhile, the Center for Responsible Lending is estimating that up to
90% of businesses owned by people of color have been, or will likely be,
shut out of the Small Business Administration's Paycheck Protection
Program.

A handful of large companies who benefited from the small business loan
program have agreed to return the loans after facing public backlash.
The list includes the Los Angeles Lakers, Potbelly and Shake Shack.


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