According to Reuters, the Small Business Administration (SBA) reopened its Paycheck Protection Program (PPP) on Monday.<br />They are offering $310 billion dollars in loans for businesses affected by the coronavirus pandemic. <br />This is the second round of government funding aimed to help small business owners stay afloat during the pandemic. <br />But some U.S. senators, community banking groups and minority-owned banks are worried that businesses owned by people of color may miss out on receiving the loans. <br />Many lenders have a backlog of applications, and the $30 billion in funds for small lenders was depleted by Tuesday afternoon, leaving them to compete with larger firms for funding. <br />A New York Federal Reserve survey reports that only 32% of small businesses owned by Hispanics and 23% owned by African-Americans have received a bank loan within the past five years.
