Congressional scrutiny of PPP grows amid national focus on racism
By Neil Haggerty
Lawmakers are sounding the alarm about the apparent inability of some minority-owned and other underserved businesses to gain access to small-business loans mandated by recent pandemic relief laws. Independent data points to minority-owned businesses getting rejected or still waiting for coronavirus rescue funds. …Karen Petrou, managing partner at Federal Financial Analytics, said a national focus on racial inequality is adding to the pressure on the SBA to produce better data. “I think lawmakers are raising the concerns about demographic data in the PPP program because America’s consciousness is paying attention to not just racial inequality but also economic inequality, and delivery of financial services is of course a critical part of that,” Petrou said.