Minority-Owned Companies Waited Months For PPP Loans, Data Shows
White business owners were able to get COVID relief loans earlier than minority owners, according to an Associated Press report.
Joyce M. Rosenberg and Justin Myers
NEW YORK (AP) Thousands of minority-owned small businesses were at the end of the line in the government’s coronavirus relief program as many struggled to find banks that would accept their applications or were disadvantaged by the terms of the program.
Data from the Paycheck Protection Program released Dec. 1 and analyzed by The Associated Press show that many minority owners desperate for a relief loan didn’t receive one until the PPP’s last few weeks while many more white business owners were able to get loans earlier in the program .
Minority-owned businesses waited months for Paycheck Protection loans, data shows
Updated Jan 03, 2021;
Posted Jan 03, 2021
In this June 5, 2020 file photo, President Donald Trump poses for a photo after signing the Paycheck Protection Program Flexibility Act during a news conference in the Rose Garden of the White House in Washington. Thousands of minority-owned small businesses were at the end of the line in the government’s coronavirus relief program as many struggled to find banks to accept their applications. Or, they were disadvantaged by the program s terms. Data from the Paycheck Protection Program analyzed by The Associated Press show many minority owners desperate for a loan didn’t receive one until the PPP s last weeks.AP Photo/Evan Vucci, File
. NEW YORK Thousands of minority-owned small businesses were at the end of the line in the government s coronavirus relief program as many struggled to find banks that would accept their applications or were disadvantaged by the terms of the program. Data from the Paycheck Protection Program released Dec. 1 and analyzed by The Associated Press show that many minority owners desperate for a relief loan didn t receive one until the PPP s last few weeks while many more white business owners were able to get loans earlier in the program The program, which began April 3 and ended Aug. 8 and handed out 5.2 million loans worth $525 billion, helped many businesses stay on their feet during a period when government measures to control the coronavirus forced many to shut down or operate at a diminished capacity. But it struggled to meet its promise of aiding communities that historically haven t gotten the help they needed.