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The Problem With PPP: BIPOC Businesses Received Less Than White Businesses

2020-07-08

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Under immense pressure to release data about the SBA Paycheck Protection Program, a list of 660,000 loans appeared on Monday, which only represents about 15% of the total number of loans issued in perhaps one of the most ambitious and largest stimulus packages ever assembled.

The data shows the government issued $521 billion in loans, with an average loan size of $107,000. While the SBA insists that these loans helped support 51 million jobs, the data is vague at best. In the data, exact amounts are not specified only ‘Loan Ranges’ were made public.

Additionally, a lot of the data is incomplete and/or missing altogether. When it comes to ethnicity, only 14% of businesses that chose to identify race in their loan application. Of that 14%, Black-owned businesses received 1.9% of loans while White-owned businesses received 83%.

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The Problem With PPP: BIPOC Businesses Received Less Than White Businesses

Under immense pressure to release data about the SBA Paycheck Protection Program, a list of 660,000 loans appeared on Monday, which only represents about 15% of the total number of loans issued in perhaps one of the most ambitious and largest stimulus packages ever assembled.

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