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If 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?
According 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)
If 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…
> The full list of Paycheck Protection Program recipients released by the Small Business Administration on Monday shows that of the 14 percent of businesses that chose to identify race in their loan application, Black-owned businesses received 1.9 percent of loans while White-owned businesses received 83 percent.
So the actual percentage of black-owned businesses receiving PPP loans is somewhere from 0.26% - 86.26%, depending on how you think the data is biased.
According 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)
https://www.usnews.com/news/articles/2016-09-01/most-of-amer...
According 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...
Edit: More data -
"Data from the Small Business Administration indicates that just over 19 million businesses, or 70.9 percent of all U.S. businesses, are white-owned. Blacks own about 2.6 million businesses or 9.5 percent of all U.S. businesses, and Latinos own 3.3 million businesses or 12.2 percent of all American businesses. But the sales and employment numbers tell a more depressing story. The 19 million white-owned businesses have 88 percent of the overall sales, and control 86.5 percent of U.S. employment, while black businesses have a mere 1.3 percent of total American sales, and 1.7 percent of the nation’s employees."
Seems like the loan rate roughly matches the % of employees by group.
According 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...
Earlier quoted context omitted.
And 78% of businesses were white-owned as of 2012. (same source)
I think the most useful comparison would be to judge it against expenses, since not all businesses would need the same amount of loans. The closest related statistic I could find is that all minority-owned businesses generate around 3% of revenue. The loans seem to have been given out fairly evenly as intended, but the small impact of black businesses on the economy seems like a much more significant disparity. https…