National Urban League Helps Minority-Owned Businesses and Community-Based Institutions Access to Covid Relief
Marc H. Morial
President and CEO
National Urban League
“The story of minority-owned businesses struggling to access capital is the story of banking practices that too often exclude people of color as potential customers. A federally guaranteed loan program must not do the same.” – Letter to Treasury Secretary Steve Mnuchin and Small Business Administration head Jovita Carranza from 23 Senators
The $349 billion Paycheck Protection Program established by Congress earlier this month was supposed to help sustain small businesses imperiled by the COVID-19 pandemic.
The money ran out in less than two weeks.
Then we found out that the vast majority of the funding -- $243.4 million – went to huge, publicly-traded companies instead of legitimate small businesses.
