Predominantly Black Congressional Districts Get Fewer P3s Loans: Study

Congressional districts with the highest black populations received up to $ 13 billion less in Paycheck Protection Program (P3) funding than districts with the lowest percentage of black residents, according to a new study.

The 10 congressional districts with the lowest black populations got more than 64,000 more P3 loans than the 10 districts with the most black residents, according to analysis of federal data by advocacy group Accountable.US. Predominantly black districts have received up to $ 23 billion in funding as of July 20, compared to $ 36 billion for non-black districts.

The $ 600 billion government stimulus package was intended to bail out small businesses that have been slammed by mandatory shutdowns to stem the coronavirus outbreak and by cutting consumer spending. As Congress debates the details of a new round of stimulus packages, more entrepreneurs are considering shutting down permanently amid increasingly uncertain economic times.

Small black-owned businesses, which are heavily concentrated in retail, restaurants and other service industries most affected by closures, are expected to close twice as fast as small businesses as a whole.

To follow NBCBLK to Facebook, Twitter and Instagram.

About Joel Simmons

Check Also

Should We Pay Off Our Car Loan Before Opening a Roth IRA?

Dear Dave, My wife and I have a financial dispute. I would like to go …