There is rising anxiety that new funding from the stimulus package, though earmarked for women and minority-owned businesses, will not reach African American-owned businesses, 95% of which are sole proprietorships or partnerships that have no employees.
, a business and cultural consortium of over 250 small business owners, adding that many black entrepreneurs often start out undercapitalized.
“If you use the money for your payroll, the loan is forgiven. What if a business has one employee or no employees? Which a lot of small businesses operating at capacity, black-owned businesses, they don’t have employees, so then you can’t get the loan forgiven so now you go into debt,” Evans-Hendricks said. ‟It’s a mounting financial hole, which at some point you can’t dig yourself out of.”
“It goes deeper than that,” he said, adding that even if the Payroll Protection Program is re-funded and funded adequately, “nobody knows what ‘adequate’ means right now because no one knows how much money we will have to spend to keep small businesses afloat.” “In my opinion,” added Edmond, “most of them will temporarily shut down, and then the question becomes how long will this last and will they be able to rebound or restart their businesses.”
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