It’s no secret that that federal aid put forth by the Small Business Administration has been met with its fair share of critique. The two big programs you’ve heard about are the SBA’s Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP). Take the $660 billion Paycheck Protection Program, which was meant to extend help to small businesses battered by the pandemic, allowing them to keep employees on the payroll. While some businesses have received a much needed infusion to help pay staff, others never heard back. It’s unsure whether they will at all.
Meanwhile, experts estimate that upwards of 90% of businesses owned by people of color have been, or will likely be, shut out of the Paycheck Protection Program. We speak with business owners across the country that have applied for federal aid, the application process and what the rest of the year looks like for them financially, both with and without aid. These range from a women’s co-working space, to a coffee shop and taqueria. All small businesses.
A big shout-out and thank you to everyone that participated in this episode:
Diego Mendoza, Staff Writer, San Antonio Express-News
Cate Luzio, CEO and Founder, The Luminary
Yai Vargas, CEO and Founder, The Latinista
Alejandro Banda, Owner, Carniceria Maribel
Jesse Iñiguez, co-founder and director of operations, Back of the Yards Coffeehouse