Small Business Support Must Extend to Businesses of Color
The Small Business Administration Paycheck Protection Program (PPP) has failed to fairly serve businesses owned by people of color, causing spill-over harms throughout communities of color, states, and regions. Businesses owned by people color are a substantial source of income and employment—accounting for more than 8.7 million jobs at total annual payroll of $280 billion, and $1.3 trillion in revenue-yet many were excluded from the first round of funding in the PPP. The scarcity of funding relative to the demand strongly favored relatively well-connected, well-resourced businesses with...