Black-Owned Businesses Got Little Relief Under PPP

(TriceEdneyWire.com) – As the U. S. House of Representatives awaits the political fate of another multi-trillion dollar coronavirus relief bill, called the “Heroes Act”, Black Wealth 2020 (BW2020), a national catalyst for economic justice for African-Americans, is pressing Congressional leaders to unify for equity for the millions of pandemic victims who have yet to receive it.

Though the members of this coalition have made every effort to guide their members to resources designed to help them navigate stimulus programs like the Payroll Protection Program, our organizations see the need to implement equitable and transparent programs that help disadvantaged communities weather this unprecedented storm,” states a letter from BW2020, primarily addressed to House Speaker Nancy Pelosi (D-Calif.)

The letter was signed by Grant, Busby, and other principals of the following organizational members of Black Wealth 2020: The National Association for Equal Opportunity in Higher Education (NAFEO); National Association of Black-owned Broadcasters; HomeFree-USA; National Association of Real Estate Brokers (NAREB); National Association of Securities Professionals; and the Collective Empowerment Group Professionals.

According to the Joint Center for Political and Economic Studies, the following are among the benefits of the proposed “Heroes Act” that significantly impact Black people:

* Economic Support for Individuals: Attempts to provide economic relief to families by extending the weekly $600 federal pandemic unemployment compensation supplement through January 2021.

* Black Businesses and Access to Capital: Directs additional resources to community development financial institutions (CDFIs) and minority depository institutions (MDIs).

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