Struggling minority-owned businesses were kept waiting until the last minute for PPP loans – Business Insider – Business Insider

  • Many minority-owned businesses were left waiting for funds until the final weeks of the Paycheck Protection Program, according to an analysis from The Associated Press.
  • “Many of our businesses were being turned down in the first and second round of funding. That caused application fatigue and frustration,” Ron Busby, president of the US Black Chambers, told AP. 
  • The new $900 billion coronavirus relief bill includes $284 billion in PPP funds, along with provisions to help minority-owned businesses get loans, said the Center for Responsible Lending, an advocacy group.
  • “And a provision for streamlined forgiveness for small loans will prevent a major debt burden from further threatening many of the mom-and-pop firms that are often owned by Black and Latino families,” said CRL.
  • Visit Business Insider’s homepage for more stories.

Many minority-owned businesses were left waiting for funds until the final weeks of the Paycheck Protection Program, according to an analysis from The Associated Press.

The program handed out $525 billion in funding from April 3 to August 8. But businesses in mostly white ZIP codes got the lion’s share of relief until the final month, when the “pattern reversed itself,” according to data the AP sued for under the Freedom of Information Act. 

The AP analysis builds on previous reporting from Vox, PBS News Hour, Inc., and other outlets. 

“Many of our businesses were being turned down in the first and second round of funding. That caused application fatigue and frustration,” Ron
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