Member spotlight: Q&A with Local First Arizona’s Thomas Barr
LFA quickly recognized the adverse consequences of COVID-19 and determined that they would need to be a reliable source of information for small businesses and policymakers.
PPP
CDFIs and MDIs Continue to Cater to Small Businesses Despite PPP Barriers
CDFIs and MDIs, like HOPE, were able to utilize their strengths to cater to the financial needs of small businesses in distressed communities.
Despite gaping holes in government data, tests show PPP borrowers faced discrimination
An NCRC study that used testers who talked directly with banks about loans to help their small businesses stay open during the coronavirus pandemic found that White applicants were treated better than Black applicants
Government data on PPP loans is mostly worthless, but it’s not too late to fix it
The SBA didn’t require demographic data and most PPP applications didn’t include it.
NCRC Statement on New PPP Flexibility Act
This week, the Senate passed the Payment Protection Program (PPP) Flexibility Act, already passed by the House in May, sending the bill to the president, who is expected to sign it into law. While the act makes necessary improvements to the PPP, more needs to be done to ensure money is going to minority and women-owned businesses and the smallest small businesses.
Universities: Don’t leave your students behind
In the wake of the current public health crisis, universities have a responsibility to ensure that every student is housing-secure after losing access to on-campus housing.
NCRC: The New CARES Act Doesn’t Care Enough
Today, the House of Representatives joined the Senate and passed a $484 billion emergency relief bill, including a $321 billion infusion for the Paycheck Protection Program, the small business rescue fund that ran out of money last week.
