Left Behind: Data shows Black-owned businesses in Baltimore were largely shut out of PPP funding
Fewer than a third of Paycheck Protection Program loans of at least $150,000 in Baltimore went to areas of the city where minorities make up the majority of the population — and most of those loans didn't go to Black-owned businesses, a Baltimore Business Journal analysis found.
While the Small Business Administration has released only limited data about PPP recipients, the available information combined with other recent studies and surveys provides a more complete view of how Black-owned businesses could not get access to the government's critical lifeline during the pandemic. System racism in the banking system — well known but not often discussed openly — has hit home as Black businesses have largely been left out of a process aimed at saving small businesses in a time of crisis.
Source: Baltimore Business Journal