Black-owned and minority businesses have suffered greatly recently with many having to permanently close their doors as a result of the COVID-19, or the novel coronavirus, pandemic. Due to economic impact, it’s been reported that nearly 40% of businesses will not be able to survive the public health crisis.
Now Sens. Cory Booker (D- NJ) and Steve Daines (R-MT) are coming together for a new bipartisan proposal that would provide $50 billion in federal aid to Black businesses in cities and rural communities with the support of local mayors all over the country.
According to a recent survey by the Center for Responsible Lending, 95% of Black-owned businesses have not received a PPP loan through the current mainstream financial institutions. “This has nothing to do with politics or partisanship—that’s why Senator Daines and Senator Booker are working together to support and provide relief for America’s smallest businesses and workers,” Daines spokesperson Katie
Schoettler told Newsweek.