WFAE
Changes in eligibility come after failures during the first round of the Paycheck Protection Program, failures that caused many minority-owned businesses to miss out on receiving a loan.
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Businesses across the country were forced to close their doors last March as statewide lockdowns went into effect. So the announcement of financial support for business owners through the Paycheck Protection Program was a relief.
But instead of getting help, many minority-owned small businesses were denied PPP loans.
“A lot of people really just got turned down for loans,” said Shanté Williams, director of the Charlotte Mecklenburg Black Chamber of Commerce. “Even though they could show that they were hurting. They could show what they used to make prior to 2020, and it just wasn t enough.