Black-Owned Businesses Received Less Than 2% of PPP Loans, White-Owned Got 83%
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Re: Black-Owned Businesses Received Less Than 2% of PPP Loans, White-Owned Got 83%
#2If you're going to put together an inflammatory article the least you could do is dive a little deeper and answer the 'Why' question. Why did black-owned businesses receive less than 2% of PPP Loans?
Re: Black-Owned Businesses Received Less Than 2% of PPP Loans, White-Owned Got 83%
#3That site is a mobile ad nightmare.
Also should the thread title mention that only 14% of PPP application respondents provided info on race?
Re: Black-Owned Businesses Received Less Than 2% of PPP Loans, White-Owned Got 83%
#4According to the US Census Bureau, 9.4% of businesses were black-owned, as of 2012. According to the same report, 78% of businesses were white-owned in 2012.
https://www.census.gov/newsroom/press-releases/2015/cb15-209...
Re: Black-Owned Businesses Received Less Than 2% of PPP Loans, White-Owned Got 83%
#5Maybe there are fewer black-owned businesses than white-owned ones.
Re: Black-Owned Businesses Received Less Than 2% of PPP Loans, White-Owned Got 83%
#6What percentage of loans were applied for by black-owned businesses? Comparing it to population seems like a statistic that is intentionally misleading, I would guess that a lot more businesses are owned by white people than by black people (which is its own issue). I believe only around 10% of businesses are even owned by a black person, so it doesn't surprise me to see that they have a smaller piece of the PPP loan pie...
Re: Black-Owned Businesses Received Less Than 2% of PPP Loans, White-Owned Got 83%
#7Maybe there are fewer black-owned businesses than white-owned ones.
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Re: Black-Owned Businesses Received Less Than 2% of PPP Loans, White-Owned Got 83%
#8In other news, larger corporations are more white-owned, and had the resources to wrangle the PPP loans.
This is a case of small businesses not having the resources to acquire the loans in the first place. Mixing in race obfuscates and distracts from the real issue here. It should have been easier for small businesses and harder for larger ones to balance the scales.
Re: Black-Owned Businesses Received Less Than 2% of PPP Loans, White-Owned Got 83%
#9If you're going to put together an inflammatory article the least you could do is dive a little deeper and answer the 'Why' question. Why did black-owned businesses receive less than 2% of PPP Loans?
It doesn't take that much guessing.
https://www.nytimes.com/2020/04/10/business/minority-busines...
> Racial discrimination in banking is outlawed on paper, but it continues in practice — often in subtle forms. In 2018, for instance, the National Community Reinvestment Coalition, a nonprofit organization that works with banks to increase the flow of private capital into poor and underserved communities, sent “mystery shoppers” to 32 different banks in Los Angeles. It found that potential borrowers with identical financial profiles were treated differently by bankers based on their race. Black and Latino borrowers were asked for more detailed financial documents and were given less information about many banks’ available products than white borrowers.
Re: Black-Owned Businesses Received Less Than 2% of PPP Loans, White-Owned Got 83%
#10According to the US Census Bureau, 9.4% of businesses were black-owned, as of 2012. According to the same report, 78% of businesses were white-owned in 2012. https://www.census.gov/newsroom/press-releases/2015/cb15-209...
And 78% of businesses were white-owned as of 2012. (same source)