Audrey Conklin, Fox Business, May 28, 2020
Ivanka Trump, senior adviser to President Trump, is working closely with the Treasury Department and Small Business Administration to help allocate $10 billion in funding for minority-owned small businesses affected by the coronavirus pandemic.
The Payment Protection Program (PPP) funding will go toward Community Development Financial Institutions (CDFIs), which have so far received $7 billion in approved funding for 95,000 loans, the SBA announced Thursday.
“As the administration continues to assist our nation’s small businesses, it is critical that we maintain a vigilant focus on assisting those that need it most – specifically those in minority, underserved and rural communities,” Ivanka Trump said in a Thursday statement.
She added that the announcement “once again delivers on the president’s promise to fight for forgotten Americans everywhere and is a historic recognition of the unique needs of small businesses and the communities that they serve.”
Unemployment rates among women and minority groups were higher in April. Women reached 16.2 percent unemployment, black Americans reached 16.7 and Latino/Hispanic Americans reached 18.9 percent, according to the Labor Department.
Minority communities in the U.S. have been significantly impacted by the COVID-19 crisis. An April report from the Centers for Disease Control and Prevention found that black hospitalized COVID-19 patients were overrepresented in hospitals, and deaths among black and Hispanic/Latino patients were significantly higher than deaths among white/non-Hispanic patients.