Why are so many black-owned small businesses shut out of PPP loans? [MSNBC.com]
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Source: MSNBC.com
The vast majority of black-owned small businesses do not qualify for the government's emergency Paycheck Protection Program loan, despitea fresh round of CARES Act funding that includes $60 billion in set-asides for minority and other underserved borrowers.Per its name, PPP was designed by Congress to shore up payroll for companies who saw business drop because of the coronavirus lockdowns.But 92 percent of black-owned small businesses do not have full-time salaried workers on payroll, and so are considered “nonemployer” firms, according to the latest availableCensus dataThat means only 8 percent of black-owned small businesses are even eligible for PPP, as “employer” firms.Most white-owned small businesses, 74 percent, are also considered nonemployer firms. But more white-owned businesses are classified as employer firms than their black counterparts, 26 percent.The coronavirus loan program executed by the Small Administration offers up to $10 million in loans per customer that can
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