Despite published evidence and widespread media coverage of discrimination in the Paycheck Protection Program (PPP) bank loan application process, a second round of tests over the summer showed discrimination continued.
COVID-19 Small Business Resource The coronavirus has quickly spread into a global pandemic. Governments have taken drastic measures to encourage social distancing. Along with anxieties about contracting and spreading disease, millions of people who were already struggling or living paycheck-to-paycheck face new uncertainties about their financial security. Many organizations and governments have responded with resources …
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.
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.
The $2 trillion federal stimulus plan enacted late last month to help businesses and individuals impacted by the COVID-19 pandemic is already overwhelmed and falling short.
The coronavirus is quickly spreading across America, raising concerns that aren’t only health related. While the full economic implications of the disease are still unknown, what we do know is that the people who will face the biggest financial impacts of COVID-19 are the same people who are already financially strapped.
A cardinal rule of any rulemaking is that a federal agency must use data and analysis to assess the impact of its proposed changes to a regulation. Based on NCRC’s analysis so far, it appears that the OCC and FDIC have flagrantly violated this fundamental rule.
Lending and investments would total $7.75 billion over the 2020 to 2023 period and align with the combined retail branch footprint in Arizona, California, Colorado, Florida, Hawaii, Kansas, Nebraska, Nevada and Texas.
Better-qualified black and Hispanic testers who shopped for small business loans at Los Angeles area bank branches were treated worse than less qualified white testers, a new study found. The study, from the National Community Reinvestment Coalition (NCRC), also found steep declines in government-backed lending to black business owners between 2008 and 2016.
As big banks focus on big businesses, it has become harder and harder for Chicago’s small business owners and entrepreneurs to secure reasonable loans from responsible lenders.