Why minority business owners are struggling with PPP loans

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Vista Equity Partners CEO Robert Smith joined "CBS This Morning" to talk about why minority-owned businesses have been struggling with the government's PPP loan program.

African American and Latino small business owners have faced an uphill battle trying to get relief amid the coronavirus pandemic. The U.S. government's PPP loan program, meant to help business owners across the country, has been fraught with challenges and complaints that it is not working the way it is supposed to, hitting minority businesses particularly hard.

He recommended looking into what he calls"capillary banks," which he described as"the community development, financial institutions, minority depository institutions." "Unfortunately, it's basic economics," he said."The larger loans, even though they get a smaller fee, it's a quantum of dollars to the banks that incentivizes them to prioritize the bigger companies, the bigger loans, as opposed to the smaller ones."

He called on the country's leaders to work with him in thinking about how to change the dollar amount or the system itself to make the loan program more efficient, and incentivize banks to prioritize smaller loans.

 

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Why This PPP Loan Data Might Actually Be Good News For Small BusinessThe Paycheck Protection Program or PPP is finally getting loans to the small businesses and self-employed individuals who need it the most. However, it is fintech firms who are now leading the charge in helping small business during the Covid-19 crisis. *Big Jerk Off Gif* It’s been a burden to small businesses. Money should be given to those who work at small business. Workers could use some leverage. Я верю в лучшее
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DC small business owner struggling to get PPP funds during coronavirus crisis\nDC small business owner struggling to get PPP funds during coronavirus crisis. Time to open up the country. I barely got mine; itis one of the most screwed up programs ever! Multimillion companies got them, small tiny businesses like ours suffered before we got a few bucks I think Mitch made sure those went to defense contractors.
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How to read the requirements of the PPP loan forgiveness application - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
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