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Published, Version of Record (VoR)Open Access (License Unspecified), Open Access
Published, Version of Record (VoR)Open Access (License Unspecified), Open
Report
Setting up a Local Small Business Emergency Relief Fund: Lessons from Three First Movers
08 Apr 2020
DOI:
https://doi.org/10.17918/00010531
Abstract
As the COVID-19 crisis continues to wreak havoc on communities and small businesses across the country, local and national actors have realized the enormity of the economic challenge at hand. After two weeks of record unemployment claims, it is abundantly clear that the economic shutdown is already causing unprecedented damage, especially to small businesses.
Policymakers have taken action, most notably through the ~$350 billion Paycheck Protection Program, which has shifted into high gear and already processed $70 billion. Despite this momentum, all initial indications are that these programs are unlikely to serve a substantial part of the small business market, particularly underserved small businesses that are owned by persons of color and/or located in low- and moderate-income neighborhoods. These enterprises lack close ties to the mainstream banking system, are unlikely to be able to tap Small Business Administration SBA relief programs and are in dire need of objective technical guidance and support.
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Details
- Title
- Setting up a Local Small Business Emergency Relief Fund: Lessons from Three First Movers
- Creators
- Bruce J Katz - Drexel University, Nowak Metro Finance LabColin Higgins - Drexel University, Nowak Metro Finance LabMichael Saadine
- Publisher
- Nowak Metro Finance Lab, Drexel University; Philadelphia, PA
- Number of pages
- 10
- Resource Type
- Report
- Language
- English
- Academic Unit
- Nowak Metro Finance Lab; Lindy Institute for Urban Innovation
- Other Identifier
- 991021902028604721