[Black Businesses\PPP Loans]
Kyle Herrig: “The Trump administration failed to support small businesses in communities of color who are disproportionately impacted by this crisis.”
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Business owners in congressional districts with the largest Black populations saw nearly $13 billion less in federal Paycheck Protection Program funding than districts with the smallest Black populations, a new study released Thursday found.
The study was conducted by Washington D.C.- based government watchdog Accountable.US. It compared loan data from the 10 congressional districts with the most Black residents against the 10 districts with the fewest Black residents.
It found that on average about 40% fewer loans — about 64,000 loans — were issued in districts with the largest Black populations.
The disparity is visible when Tennessee’s 9th Congressional District, which includes Memphis, is compared to Wyoming’s At-Large District, which includes the entire state.
Although Tennessee’s 9th district has nearly 135,000 more residents, business owners in Wyoming’s district received nearly three times as many loans, data from Accountable.US showed. Tennessee’s 9th Congressional District is about 67% Black, while Black residents make up less than 1% of the population in Wyoming’s At-Large District.
“The Trump administration failed to support small businesses in communities of color who are disproportionately impacted by this crisis,” said Kyle Herrig, president of Accountable.US.
Read the rest of this Commercial Appeal story here: https://www.commercialappeal.com/story/money/business/development/2020/07/31/predominately-black-districts-see-less-paycheck-protection-loans-impact-memphis-business-owners/5549096002/
