Black Woman-owned Businesses Received Disproportionately Few PPP Loans
As the COVID-19 pandemic ravages the economy and millions of Americans have been infected and died, Black communities face particularly acute hardships on both public health and economic fronts. The faulty design of the PPP disadvantaged Black-owned and other minority-owned businesses in the application process — many were boxed out of obtaining assistance altogether, and as much as 41% of Black-owned businesses are not expected to survive the crisis. New Accountable.US research shows that this disparity was even greater for Black woman-owned businesses — of loans that included demographic information, less than 0.5% went to Black woman-owned businesses, as compared to the 70% that went to businesses owned by white men. In fact, available data shows that just one Black woman-owned business received a PPP loan above $5 million.