When it comes to accessing federal coronavirus relief assistance through the $650 billion Paycheck Protection Program, Black- and Latino-owned small businesses have been largely ignored, a recent survey found.
The survey — conducted from April 30 to May 11 by the Global Strategy Group for two equal-rights organizations, Color of Change and UnidosUS — found that among businesses seeking help from the Small Business Administration-administered program, 12 percent reported receiving what they had asked for, compared to the 26 percent who said they had received only a fraction of their request.
At the time, most of the businesses had fewer than 21 days of cash on hand to pay creditors, meet payroll and continue operations.
“If we don’t get policies to protect these communities, we will lose a generation of Black and brown businesses, which will have deep impacts on our entire country’s economy,” said Color of Change President Rashad Robinson.
The survey included interviews with 500 business owners and 1,200 employees.