The full list of Paycheck Protection Program recipients released by the Small Business Association on Monday shows that of the 14% of businesses which chose to identify race in their loan application, Black-owned businesses received 1.9% of loans while White-owned businesses received 83%. These loans are expected to turn to grants and as such represent a transfer of wealth from the US Treasury to the recipients. PPP is exacerbating the wealth gap.
Here is a chart showing the breakdown of the recipients by race.
Only 16% of loan recipients that reported their Gender information identified as Female.
Here is the full dataset in a queryable format.
Other Notable takeaways:
- Kanye West’s company, “YEEZY LLC”, received a $2-5 million loan
- Foremost Group that is owned by Elaine Chao, the head of the U.S. Department of Transportation, received $350k-1 million
Comments on the data:
The demographic information was voluntarily supplied by the loan recipients and was absent for most.
Index Ventures and Bird were listed as recipients but have publicly denied applying for or receiving a PPP loan.
Here is a link to the original source: https://home.treasury.gov/policy-issues/cares-act/assistance-for-small-businesses/sba-paycheck-protection-program-loan-level-data
Here is a link to the census data: https://www.census.gov/quickfacts/fact/table/US/PST045219