Magic Johnson Offers $100 Million in Loans to Minority Businesses Left Behind by the Government

[mfcorey1]

https://www.theroot.com/magic-johnson-offers-100-million-in-loans-to-minority-1843519618

The federal government’s response to COVID-19 has been a mess from the top to the bottom, including the “you’re on your own” approach it’s taken towards black people, who have been disproportionately affected by the pandemic.

Case in point: the $650 billion Paycheck Protection Program which was supposed to help small businesses survive and pay employees during the current economic downturn has neglected hundreds of black and other minority-owned businesses while funneling millions in taxpayer money to corporations like the Los Angeles Lakers.

That kind of inequity in the distribution of resources has driven former NBA All-Star Magic Johnson to commit $100 million in loans to those left behind by the government’s program, according to the Wall Street Journal

“We knew why the money was gone and couldn’t trickle down to small businesses, especially small minority businesses, because they didn’t have those great relationships with the banks,” Johnson told the Wall Street Journal.

[Cha]

1. KR!