'I was very disillusioned. I felt I would not have an opportunity to access any funding.'
Evans says that the carve-out provided in the second round of Paycheck Protection Program funding is working. At one Philadelphia-area CDFI, 44 businesses were approved for the program's loans, saving 456 jobs.
"Due to Chase’s prioritizing of its favored customers over Plaintiff—and countless other businesses like it— Plaintiff was impeded in applying for a PPP loan through Chase, at one point implicitly encouraged to seek a loan elsewhere, and ultimately, received a far smaller loan than it would have otherwise received if Chase had allowed it to apply on April 3, 2020," the lawsuit says.
In Maryland, an Annapolis law firm has filed suit against the SBA, claiming the administration discriminated against minority- and women-owned businesses by allowing banks to prioritize customers with existing business relationships, thereby shutting out sole proprietors. Census data shows sole proprietorships are heavily women- and minority-owned.
Magic Johnson's EquiTrust Life Insurance Company will partner with MBE Capital Partners, a private nonbank lender that focuses on disadvantaged small businesses, to offer PPP loans. Johnson will provide a $100 million investment, according to the Wall Street Journal, to help MBE Capital fund more than 5000 PPP loans the SBA has already approved.
Another source of help for small business owners are advocacy groups stepping up to help them through the bewildering application process. While larger businesses have dedicated finance teams, small business owners who have never sought lines of credit may be overwhelmed at the process, especially those for whom English is a second language.
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