The Biden administration announced on Monday that it plans to provide “fair relief” to small businesses affected by the coronavirus outbreak, focusing on those businesses that may have difficulty obtaining forgivable loans and minority businesses.
The White House issued a statement saying that it was based on last year̵
The statement said that funds allocated through community development financial institutions and minority depository institutions have also increased by 40%.
The government also announced a 14-day period starting on Wednesday, allowing companies with fewer than 20 employees the opportunity to apply for loans. The government stated that it is not uncommon for these companies to require more time to submit proper paperwork. The statement said that self-employed people will also have the opportunity to get more financial support.
Biden’s team also spent $1 billion to directly target individual owners, such as house contractors and beauticians, most of whom are owned by women and people of color.
Vice President Kamala Harris and Treasury Secretary Janet Yellen spoke at a virtual conference earlier this month and met with officials representing more than 140 chapters of the National Black Chamber of Commerce. This appearance is part of the government’s ongoing efforts to win President Joe Biden’s $1.9 trillion coronavirus mitigation plan.
Yellen said that the country was frustrated by the 2008 financial crisis and the prolonged recession. The black unemployment rate reached nearly 17%, while the white unemployment rate was as high as 9.2%.
Yellen said: “This is the result of the economic crisis.” “Their attack on people of color is getting longer and longer. …Unless action is taken, I am worried that the current crisis will happen again.
The Associated Press contributed to this report