Data released from the Paycheck Protection Program (PPP) shows minority business owners are desperate for a loan they did not receive until the program’s last weeks.
The PPP ran from April 3 through August 8, and handed out more than 5 million loans worth $525 billion. The funds were designated to help businesses pay rent and employees and help businesses stay afloat when city and state governments forced businesses to close, as the pandemic overwhelmed hospital systems killed Americans at higher rates than most wars.
However, minority business owners applied to multiple banks in order to receive funds and were rejected as a result. Others couldn’t get large banks to even respond to their requests as the PPP was pillaged by large public companies including restaurants, hotels and the Los Angeles Lakers.