New York Times, October 1, Help Black Small Businesses Recover
Minority entrepreneurs and small business owners have a much harder time obtaining Paycheck Protection Plan loans, and has resulted in a large number or businesses to shut down or are fighting to recover.
The Small Business Truth in Lending Act, passed this summer by the New York Legislature and awaiting the governor’s signature, would give borrowers the information they need to make informed decisions.
Lack of access to Paycheck Protection Program loans led to the loss of countless minority-owned businesses. Predatory lenders are now targeting those that are barely hanging on. That’s why we’re urging Gov. Andrew Cuomo to sign the Small Business Truth in Lending Act and give New York’s small businesses a fighting chance at recovery.