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 Lab
Colin Higgins - Drexel University, Nowak Metro Finance Lab
Michael 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
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