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Business · September 21, 2022

How To Apply For Small Business Bailout

How To Apply For Small Business Bailout – This article is available for reproduction. We ask that you credit our newsroom at the top with a line that says, “This article was originally published by the Center for Public Integrity, a nonprofit newsroom based in Washington, D.C. and linked to our page .Image rights are not included.

Most of the lenders and borrowers who participated in the $659 billion emergency loan program aimed at supporting small businesses hurt by the spread of the novel coronavirus said they should not disclose the public and the nation of business, according to data provided by the US Small Business Administration. .

How To Apply For Small Business Bailout

How To Apply For Small Business Bailout

The financial statements, released Monday in response to congressional pressure, gave little indication of how much federal funding to small businesses was hit hard. to death. About 86% of the 661, 218 loans made for $150,000 or more had no information on the race or ethnicity of the business owner.

Big Companies Got The Small Business Ppp Loans

The remaining 14% of the funds represent more than 83% that were given to organizations designated as clean businesses, according to an analysis by the Center for Public Integrity. Less than 2% of the loans came from black-owned businesses, and 6.6% of the loans went to Hispanic-owned businesses, according to the Public Integrity analysis.

The report comes after Public Integrity filed a lawsuit on June 19 to compel the SBA to release information about businesses that received loans. A few days later the agency said it would release information including the names of borrowers who received loans above $150,000 and the amount of their loans in installments. Public Integrity is still pursuing the investigation to clarify the meaning of the credit. Other media outlets filed lawsuits seeking the data. (Loans received from the Affordable Care Act.)

The Affordable Care Act, signed into law by the Trump Administration on March 27 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, has been criticized for not providing funding to businesses, including the organizations of the few, became very powerful. due to the coronavirus. In the first round of loans, well-connected and larger companies had first access to loans; Some companies that said they had no negative results from the coronavirus applied for and received loans when banks bailed out poor businesses.

Smaller lenders are less likely to report the race or ethnicity of a business compared to banking giants like JP Morgan Chase & Co., Bank of America Corp. and PNC Financial Services Group Inc. There is little information about the population, according to Public Integrity.

Small Business Loan Data Includes Little About Race

“The design of the program and the collection of data was so predictable that it was possible to gamble on who [banks] were working with.” Jesse Van Tol, CEO of the National Community Reinvestment Coalition

The SBA does not require lenders or borrowers to disclose race or ethnicity information. The agency said in its press release that it “requests demographic information about borrowers” if the business applies for bankruptcy. The Payroll Protection program forgives the loans as long as the borrower uses the payment for employee benefits.

The data makes it “difficult to assess who is getting the money,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition, a nonprofit focused on ending discrimination in in lending, housing and business. “The design of the program and the collection of data was very flexible and playable for those who work [banking].”

How To Apply For Small Business Bailout

Van Tol said the SBA data mirrors other data collected by the SBA  showing a lower level of lending to black-owned businesses, with the share of business loans falling to 3 % from 8% since the 2008 financial crisis.

Trump Hotel In Waikiki Received Millions From Small Business Bailout

In a June 30 report released ahead of Monday’s data release, the SBA said, “PPP loans were provided across all sectors of the economy. Low- and low-income areas -income received PPP financing equal to the percentage of the population.”

The SBA said 27 percent of the loans went to low- and low-income households, which is roughly the same as 28 percent of low- and low-income households nationwide.

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Coronavirus Us Bailout: Small Business Resentment Grows

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Public small business financing data is scarce

This article is available for reproduction. We ask you to credit our newsroom at the top with a line that says, “This article was originally published by Center for Public Integrity , a free hearing room in Washington, D.C. and linked on our home page. Image copyrights not included.

Most lenders and borrowers participated in the $659 billion emergency lending program aimed at supporting small businesses hurt by the spread of the novel coronavirus said not to disclose the race or ethnicity of the business, according to data released by the U.S. Small Business Administration.

Credit data, released Monday in response to The pressure of the council, there is little information about the amount of funds of the government agencies to public institutions, hardest hit epidemic. About 86% of the 661, 218 loans for $150,000 or more had no information about the race or ethnicity of the business owner. to organizations identified as business owners, according to an analysis by the Center for Public Integrity. Less than 2% of loans went to black-owned businesses, and 6.6% of loans went to Hispanic-owned businesses, according to a Public Integrity analysis.

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Report comes after Public Integrity filed a lawsuit June 19 to compel the SBA to provide information about businesses that received loans. . A few days later the agency said it would release information including the names of borrowers who received loans above $150,000 and the amount of their loans in installments. Public Integrity is still pursuing the investigation to clarify the meaning of the credit. Ētahi atu papapāho filed a lawsuit seeking the data. (Public Integrity received a loan from the Affordable Care Act.)

The Affordable Care Act, signed into law by the Trump Administration on March 27 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, has been condemned. about not funding businesses, including minority-owned organizations, very difficult because of the coronavirus. In the first round of loans, well-connected and larger companies got the first shot at loans; other companies said that there were no negative results caused by the coronavirus that applied for and received loans when banks canceled poor businesses. compared to banking giants like JP Morgan Chase & Co., Bank of America Corp. and PNC Financial Services Group Inc. There is little information about the population, according to Public Integrity.

“Program design and data collection will can play for those who work [banking].”

Jesse Van Tol, CEO of the National Community Reinvestment Coalition

The SBA does not require lenders or borrowers to disclose race or ethnicity information. The agency said in its press release that it “requests demographic information about borrowers” if the business applies for bankruptcy. The Payment Protection program forgives loans that the borrower uses to pay for employee benefits. National Community Reinvestment Coalition, a non-profit organization focused on ending discrimination in lending, housing and business. “The design of the program and the collection of data was so loose that it was possible to gamble on who [banks] were working with.”

Van Tol said the SBA data reflects some Other data collected by the SBA show that while disinvestment in black-owned businesses has decreased, the share of business loans to 3% from 8% since the 2008 financial crisis.

“This is part of the problem,” said Vol.

In a June 30 report released ahead of Monday’s data release, the SBA said, “PPP loans were made across all sectors of the economy. low-income and low-income areas received PPP funding in proportion to the percentage of the population.”

The SBA said 27 percent of the loans went to small and low-income households, compared to 28 percent.

How To Apply For Small Business Bailout

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