The Trump administration has said that they’re seeking to expand opportunity and prosperity for African Americans, specifically by creating a “better climate for minority-owned businesses.” But their actions speak differently: The signature COVID-19 economic relief program for businesses—the Paycheck Protection Program—did not prioritize underserved markets, which negatively impacted thousands of Black-owned firms. In April, the Center for Responsible Lending said that approximately 95% of Black-owned businesses were shut out of COVID-19 relief loans. Today’s economic crisis is also seeing higher unemployment rates for Black workers.
