NBA legend and entrepreneur Magic Johnson has taken note, he pointed out, that loans to assist small business owners during COVID-19 aren’t trickling down to nonwhites and women who own those businesses.
Johnson wants to do something about that, so he’s partnered with a New Jersey-based financial company to provide $100 million in funding as part of the Small Business Administration’s Paycheck Protection Program.
Johnson told The Wall Street Journal in a Monday, May 18 article that his company EquiTrust Life Insurance Co. with MBE Capital Partners will give $100 million in PPP loans to help small businesses owned by nonwhites and women.
Johnson said that small businesses were finding it incredibly difficult to secure Paycheck Protection Program loans.
The PPP loan, part of Congress’ stimulus funding, was set up to assist small businesses during the COVID-19 shutdown.