August 4, 2020

NY Fed finds ‘stark’ racial disparities in access to COVID-19 aid

Washington (AFP) – Black-owned businesses have been hardest hit by the coronavirus pandemic and there are stark disparities in their ability to access US government aid, the New York Federal Reserve Bank said Tuesday.These businesses, which already suffer from racial differences in access to bank lending, have been hit by a “double-whammy” of a health crisis and financial issues making them almost twice as likely to close their doors than occurs at the national rate, according to a new study.But in many of the coronavirus hot spots, the share of black-owned firms receiving forgivable loans und…


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