Delish, July 29, 2020: Only 130 Black-Owned Restaurants Received PPP Loans Over $150,000, According To A Report
Of the nearly 49,000 restaurant companies that received larger Payment Protection Plan (PPP) loans from the government (of $150,000 or more), only 130 of those identified as Black-owned businesses, according to a report by Restaurant Business Online.
The report offers a bit of background for that number, including the fact that four out of five these PPP loan recipients did not identify their race, making the data available limited, though they note that the fact that this data is not more complete is also an issue that needs to be addressed.
However, the report also notes that the data that is available shows that it’s still much harder for Black business owners to get the loans they need, including the fact that of the businesses that answered the question on race, only 1.3 percent were Black-owned. In other striking data found by The Detroit Free Press, of the 785 Michigan restaurants that received PPP loans of $150,000 or more, only one identified as Black-owned.