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.
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