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Minority-Owned Companies Waited Months For Loans, Data Shows

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FILE - In this June 5, 2020 file photo, President Donald Trump poses for a photo after signing the Paycheck Protection Program Flexibility Act during a news conference in the Rose Garden of the White House in Washington. Thousands of minority-owned small businesses were at the end of the line in the government’s coronavirus relief program as many struggled to find banks to accept their applications. Or, they were disadvantaged by the program's terms. Data from the Paycheck Protection Program analyzed by The Associated Press show many minority owners desperate for a loan didn’t receive one until the PPP's last weeks. (AP Photo/Evan Vucci, File)

(AP) — Thousands of minority-owned small businesses were at the end of the line in the government’s coronavirus relief program as many struggled to find banks to accept their applications. Or, they were disadvantaged by the program’s terms.

Data from the Paycheck Protection Program analyzed by The Associated Press show many minority owners desperate for a loan didn’t receive one until the PPP’s last weeks.

Meanwhile, many more companies owned by whites were able to get loans. The program helped many businesses survive the first months of the virus outbreak. But it struggled to meet its promise of aiding communities that historically haven’t gotten needed help.

 

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