Courier Times, September 23, 2020: To rebuild PA, we must help minority-owned small businesses
Many minority-owned small businesses are struggling to keep going, even with the Paycheck Protection Program providing loans to small businesses. One reason they still struggle is because minority borrowers experienced discrimination for banking services.
Rather than save lives and livelihoods, President Donald Trump fostered a blame-game targeting Asian American communities — claiming these communities were responsible for COVID-19. The president’s referring to COVID-19 as “kung flu” contributed to 2,583 incidents of discrimination and violent acts and to nationwide decimation of Asian American-owned businesses.
Beyond Chinatowns, there was a 22% drop in small businesses nationally — the largest drop on record. Black and Latinx-owned businesses were hit especially hard, dropping 41% and 32%, respectively. These losses are devastating on all jobs. Last year, 1.1 million minority-owned small businesses employed 8.7 million workers, which generated over $1 trillion. Without these businesses, unemployment will increase. The economy will decrease.