According to a survey released Monday, only 12% of minority-owned small businesses were able to secure the loans they requested.
Just 12% of black and Latino business owners who applied for PPP loans reported receiving what they asked for, according to a
by Global Strategy Group, and nearly half of these individuals say they anticipate being forced to close permanently in the near future.... [+] small businesses through the Paycheck Protection Program" in the East Room at the White House on Tuesday, April 28, 2020 in Washington, DC. The survey included interviews with 500 business owners and 1,200 workers from April 30 to May 11.report last month, the small businesses that received aid"weren't always the ones with the greatest needs or the best chances to survive the coronavirus pandemic;" instead,"a firm made the cut often came down to how and where it banked.
This recent data underscores the historically tenuous relationships that minority business owners have with many major banks, making it increasingly difficult for minorities to navigate the obstacles necessary to secure a federal loan successfully. The PPP program was the first time some black and Latino business owners had ever sought a bank loan and,,"many banks considered applications only from existing customers; some, like Bank of America, even turned away people who had opened credit cards through other lenders."
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Magic Johnson Makes Another Assist—to the Small Business Aid ProgramEarvin “Magic” Johnson said his EquiTrust Life Insurance Co. will provide $100 million in capital to fund loans for minority-owned businesses through the Small Business Administration’s Paycheck Protection Program.
Lire la suite »
Why This PPP Loan Data Might Actually Be Good News For Small BusinessThe Paycheck Protection Program or PPP is finally getting loans to the small businesses and self-employed individuals who need it the most. However, it is fintech firms who are now leading the charge in helping small business during the Covid-19 crisis.
Lire la suite »
Powell warns of Depression-level unemploymentTreasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testify remotely to the Senate Banking Committee on Tuesday in the first quarterly report to Congress on the CARES Act
Lire la suite »
Magic Johnson’s Life Insurance Company Reportedly Funding $100 Million In Small Business LoansFormer NBA all-star Magic Johnson said that his life insurance company will provide $100 million in funding for small women and minority-owned businesses by lisettevoytko
Lire la suite »
Most companies face little risk of punishment for taking PPP loans, legal experts sayChanges to guidance in the small business loan program may give ammunition to critics who charge that the government is too lax in its oversight.
Lire la suite »