Request immediate forgiveness for small businesses who received PPP Loans of $150,000 or less, and are suffering the most in this pandemic and economic crisis.
Why is this important?
Hispanic immigrant business owners face significant exposure from the coronavirus-induced economic downturn. They accounted for 51% of all Hispanic-owned businesses in 2016, shares similar to the percentages of Hispanics who are immigrants. They are now closing their businesses at a staggering rate.
Historically, there are racial and gender inequalities in business ownership. Nationally, people of color represent about 40% of the population, but only 20% of the nation’s 5.6 million business owners with employees. The U.S. could have millions more businesses if women and minorities became entrepreneurs at the same rate as white men.
Now, with the COVID-19 crisis, millions of “missing businesses,” are facing a massive potential disruption and some risk permanent closure. There is not the same urgency to address it—COVID-19’s impact on minority-owned small businesses—, because it is already established that’s been built up over decades, even if closing these disparities would result in the creating of millions of new small businesses.
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