5 Ways to Take Our Power Back
Harry C. Alford III
Black Americans shouldn’t continue to feed a system that doesn’t have our interests at heart. Either we wait for the government to transform policies or we take the future into our own hands. We need to shift our entrepreneurial mindset to let bitcoin and cryptocurrency be our economic language to prepare for the next 100 years. But to know our future, we must know our past.
Last Wednesday the U.S. Treasury Secretary Steven Mnuchin told Congress that the White House intends to keep the names of the businesses that have received more than $500 billion in COVID-19 bailout funds through the Paycheck Protection Program (PPP) “confidential.”
Public Citizen, a nonprofit consumer advocacy organization, stated, “4.5 MILLION businesses received government funds. Zero transparency. Unconscionable, jaw-dropping corruption.” The lack of transparency has many questioning who is benefiting from the bailout. PPP was intended to help small businesses. However, it’s putting a lens on who is being shut out of the financial system today and historically — Black America.
According to a Global Strategy Group survey, just 12 percent of Black and Latino business owners who applied for aid received what they had asked for. Twenty-six percent said they received only a fraction of what they had requested. Half say they