Salon: Watchdog questions why Wells Fargo reported giving only one large PPP loan to a Black-owned business

Salon, July 23, 2020: Watchdog questions why Wells Fargo reported giving only one large PPP loan to a Black-owned business

The Trump administration’s reliance on big banks to distribute small business aid under the Paycheck Protection Program and a lack of transparency requirements have resulted in many Black-owned businesses being shut out of the program. One bank, Wells Fargo, reported distributing only one PPP loan larger than $150,000 to a Black-owned business out of the more than 12,000 it gave out.

Even when they had better financial profiles than White-owned businesses, Black business owners faced racial discrimination from banks, according to a recent study. A disproportionate number of PPP loans flowed to majority-White areas, The New York Times reported.

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