Many black-owned businesses don't qualify for the government's Paycheck Protection Program loan despite $60B in set-asides for minority and other underserved borrowers “I’m tired of hearing about the money. I want to see the money' one business owner said
“The financial industry has shown me no love for 20 years,” he said of his challenges qualifying for traditional bank loans. But he feels this program should be different. “It’s our goddamn money. It’s taxpayer money.”
“There is a structural flaw in this program. It uses banks as middlemen. Any time you create a big program and give banks the ability to choose which customers it prioritizes, you’re going to have disparities." According to data by payroll and HR firm Paychex, the top five industries hit hardest among black-owned business in terms of wages are accommodations and food services, arts, entertainment and recreation, manufacturing, construction, and transportation and warehousing.
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