The federal government’s small business relief program was intended to help America’s small businesses weather the coronavirus pandemic, but data shows that aid from the program often flowed to the wealthy and connected, while Black and brown business owners were disproportionately left out of the program. Finally, two weeks after the Politico report, in late June, Yahoo News reported how a separate McConnell stronghold, the town of Paducah, had benefited from Chao’s largesse. 90% of Americans Still Vulnerable to COVID-19 Infection, CDC Director Says, Social Justice https://pmatep5f7b.execute-api.us-east-1.amazonaws.com/ProdStage. https://apnews.com/2edf8670a491a702ecfb7312f507f83a?utm_campaign=SocialFlow&utm_medium=AP&utm_source=Twitter. In comparison, the number of businesses owned by white people fell by only 17%, the study found. People are wondering whether favoritism played a factor in some businesses receiving the PPP loan. Critics of the PPP argue that the program was structured to favor borrowers who had ongoing ties to banks, which business owners of color are less likely to have. The data dump amounts to fewer than 15% of all borrowers, but reveals that beneficiaries of the program’s largest loans included billionaires, Trump administration officials, members of Congress, political donors, and wealthy financial institutions. Maybe somewhere close to you, with a good menu, a nice ambience, affordable prices, and, It’s 2020 and in this economy, we’re looking for every possible way to tighten our budgets and stretch our donation dollars. What business does she have? Elaine Chao Transportation Secretarys family get ppp loan (United States) < image 1 of 1 > QR Code Link to This Post. Then, when they finally warmed up to it, my first thought was that they SURELY wouldn't abuse the program. Critics have said that the government took too long to make those funds available to business owners of color, many of whom could not remain in business long enough to apply for the second round of loans. I can't imagine how any of those clowns could have the nerve to draw from a program they refused to support, at first. Between February and April, there was a 41% decline of Black small business owners and a 32% decline in Latinx-owned businesses, according to a study from the National Bureau of Economic Research (NBER). Economy Of course, the Repukes will take advantage of any program that will make them rich. The Small Business Administration did not require lenders or borrowers to disclose information about race and ethnicity, and only 14% of the 661,218 loans included in Monday’s data provided that information about business owners. Chao is also married to Senate Majority Leader Mitch McConnell. Only 23% of Black-owned businesses and 32% of Latinx-owned businesses have been able to get credit from a bank over the past five years, compared to 46% of white-owned businesses, according to a report from the Center for Responsible Lending, a nonprofit advocacy group. COVID-19 Doom-Shopping Is Real: “I Get Anxiety About Not Buying T... A Week In Silicon Valley, CA, On A $145,000 Salary, A Week In The Metropolitan New York City Area On A $355,000 Salary, Welp, Yelp Is Warning For Racist Businesses & People Are Mad, A Week In Los Angeles, CA, On A $71,000 Salary, How To Earn & Use Travel Credit Card Points Without Traveling. Create new account | My Profile | My Account | My Bookmarks | My Inbox | Help | Log in, Back to top Alert abuse Link here Trump Upends His Own Infrastructure Plan With PPP Comments to Democrats; ... Transportation Secretary Elaine Chao, and other Administration officials brief state and local government officials on the infrastructure plan, and continue to emphasize private equity investment. We’re asking real people how they spend their hard-earned money, What do you usually look for when you want a new restaurant to try? There have also been reports that, Still, the PPP isn’t finished yet — there’s still around, Most Famous PPP Loan Recipients Who Got Money For COVID, Welcome to Taking Stock, a space where we can take a deep breath and try to figure out what the COVID-19 economy really means for our finances. And some recipients in particular raised eyebrows, given their apparent celebrity wealth or powerful political connections. The Black unemployment rate was 15.5% in June and the Latinx unemployment rate was 14.5%, compared to only 10.2% for white people. In contrast, more than 83% went to companies identified as white-owned businesses. But even that sliver of data provides a glimpse into the inequities. Black business owners are more likely than white business owners to hire Black employees, and if more Black-owned businesses are forced to shutter, that could exacerbate already-gaping disparities in employment and wealth. KTAK Corp., a Tulsa, Oklahoma-based fast food franchise operator owned by Rep. Kevin Hern (R-Okla), which received between $1 million and $2 million, while three car dealerships owned by Rep. Mike Kelly (R-Penn) received a total of between $450,000 and $1.05 million in loans.
Sens. They screw us, they mock us, and then Mitch says extending unemployment and providing direct cash payments would deprive us of our dignity. A May study by the Global Strategy Group found that only 12% of Black or Latinx-owned business owners who applied for aid received what they had asked for, while another 26% reported receiving only a fraction of what they requested. Surely, we didn't help her parents in their shipping business? In recent weeks, even as the deadline to apply for PPP has been extended, members of both political parties have faced pressure to direct more aid to Black and brown business owners. I'll never learn, I swear. Thank you for visiting.
The Cost of Racism in the US? A company formerly owned by Jared Kushner, Observer Media, was awarded between $350,000 and $1 million. and his wife can choke on it, they can't take it with them. July 7, 2020 3:12 pm EDT. White People, Are You Done “Listening & Learning” Yet? Permalink, About | Copyright | Privacy | Terms of service | Contact. These numbers tell the same story as previous reports and studies. Written By Senate Small Business Committee Chair Marco Rubio, meanwhile, has brainstormed a plan to provide long-term loans to businesses that make most of their money in low-income communities. He Says His Tax Plan Will Help. On Monday, the Small Business Administration — which implements the PPP — released data on who exactly had received a helping hand. Booker has also introduced another effort alongside other Democratic senators to invest in businesses owned by communities of color and increase the budget of the Minority Business Development Agency in order to provide further fiscal aid during the pandemic. Every month, Welcome to Money Diaries where we are tackling the ever-present taboo that is money. But famous chains like, The institute founded on the ideas of Objectivist thinker Ayn Rand, who believed. After all, the PPP is intended to help small businesses. Steve Daines (R-Montana) and Cory Booker (D-NJ) have introduced an effort to make $50 billion in grants available to state and local governments for the smallest businesses and nonprofits. Middle-Class Americans Should Be Earning More, According to Biden. Prior to joining Courier Newsroom, Keya worked as a researcher in the film industry and dabbled in the political world. According to a Washington Post analysis, U.S. Transportation Secretary Elaine Chao’s family’s shipping business received a PPP loan, as did at least seven members of … Politics
Jim Justice and his family received at least $11 million in aid. Luckily for those, Surprise, surprise. Our bill addresses these challenges head-on by strengthening and expanding the Minority Business Development Agency so it can provide greater relief to minority-businesses as they weather this economic storm.”. Dear Paco: How Do I Stop Doom-Shopping During The Pandemic? “Just the weeks that went by between those time periods could be the difference between the life and death of a business,” Henry McKoy, director of entrepreneurship at North Carolina Central University’s business school, told Politico. He Says His Tax Plan Will Help.
A company that Paul Pelosi, husband of the Speaker of the House, is an investor in also received PPP money between $350,000 to $1 million. While many of the nation’s elite received help, Black and brown business owners disproportionately found themselves left out of the program. The Foremost Group was given $350,000 in loans. The second round of PPP, approved in April, included measures to set aside tens of billions of dollars for certain types of banks to help direct funds toward business owners of color, low-income entrepreneurs, and businesses in underserved communities. EXCLUSIVE: New Poll Shows Texas Democrat Donna Imam Only Six Points Behind Rep. John Carter.
A Week In Richmond, VA, On A $179,645 Joint Income, Amid Illness, Trump Blocks Stimulus Talks Until After The Election. Trump Promises to Invest in Black Small Business Owners—His Record Suggests Otherwise, Coronavirus Perdue Inc., a trucking company co-founded by Agriculture Secretary Sonny Perdue, which was approved for $150,000 to $350,000 in loans. Grim Reaper I hope you meet COVID-19. Trump Promises to Invest in Black Small Business Owners—His Record Suggests Otherwise, 90% of Americans Still Vulnerable to COVID-19 Infection, CDC Director Says, The Cost of Racism in the US? While Black business owners struggled to obtain PPP loans, at least six businesses owned by West Virginia Gov. Several businesses that, The scrutiny over which well-known people, companies, and organizations have received federal COVID-19 aid is coming at a moment when economic inequality is at the forefront of the national conversation. The PPP program, created by Congress after the coronavirus pandemic struck, has disbursed hundreds of billions of dollars to companies hard-hit by COVID-19.
“These existing disparities have only been compounded by the disproportionate impact of COVID-19 on minority communities and the ensuing economic downturn. Keya is a reporter at COURIER, where he covers healthcare, education, the economy, and the occasional story about millennials. Recipients of the federal government’s aid include: All told, the Treasury Department has approved about $520 billion in loans to nearly 5 million mostly small businesses and nonprofits through the PPP. Among the biggest PPP-related headlines this week is the news that Yeezy, the fashion line of nascent, Soho House is a ritzy private members club with locations around the world and, The restaurant industry has undoubtedly been hit hard by the pandemic — but much of the worry has been for restaurants that aren’t major chains with locations all around the country. Elaine Chao has been married to current Senate Majority Leader, Mitch McConnell, since 1993. The firm, The anti-government Ayn Rand Institute, which received between $350,000 and $1 million and The Americans for Tax Reform Foundation, the nonprofit arm of the anti-tax, pro-small lobbying group Americans for Tax Reform, which. The PPP data shows wineries partly owned by Rep. Devin Nunes received loans between $1 million and $2 million. U.S. Secretary of Transportation Elaine Chao, a leader in the Trump administration's effort to inject $1 trillion into America's crumbling infrastructure, chose to hold on to more than $300,000 of deferred stock awards in a transportation construction company after resigning from its board when she was confirmed to the Cabinet position. Members of … Only 6.6% of the more than 90,000 loans that included racial or ethnic data went to Hispanic-owned businesses, and less than 2% went to Black-owned businesses, according to an analysis by the Center for Public Integrity. “Minority-owned businesses are key drivers of growth in towns and communities across the country, but often face steep challenges when it comes to things like access to capital, mentorship, and training,” Booker said in a statement.
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