New House Report Slams Paycheck Protection Program As Inequitable

WASHINGTON, D.C. — This afternoon, the House Select Subcommittee on the Coronavirus Crisis released a new report revealing that the rushed launch of the Paycheck Protection Program (PPP) resulted in minority-owned businesses being shut out at the benefit of wealthy corporations. Prior to the program’s launch in April, banks raised concerns about the incomplete rules and application process that would ultimately favor existing customers and hurt businesses in communities of color looking to access loans in response to COVID-19.