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.
Thursday, December 24, 2020
If You Didn t Get $12,000 From the Government This Year, Consider Yourself Among the Scammed
Good argument RW but let s see whether it always applies. Assume the Covid 19 Relief package provides loans or actual money to owners of firms where employees have already been laid off. The money is printed out of thin air. The owner uses the money to produce new goods or services (the old goods he was producing 5 months ago are gone) and pay new income to workers (the old income that was generated 5 months ago is gone). So, first glance, I see new output and new income produced with the new money and I don t see any bidding away of labor resources from some alternative use. Who is crowded out ?
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