U.S. President Joe Biden speaks during an announcement related to small businesses at the South Court Auditorium of the Eisenhower Executive Office Building February 22, 2021 in Washington, DC. (Photo by Alex Wong/Getty Images)
When COVID-19 hit in early 2020, the outcry was on a grand scale for minority businesses that were trying to stay in the black and keep their doors open. But when the help came in the form of the Payment Protection Program (PPP) the distribution of the financial rescue was not equitable.
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People who did not have established relationships with banks lost out. In fact, banks did not track the number of minority businesses they connected with at the time as they were not required to keep a loans tally of minority businesses they contracted with.