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Will Black-Owned Businesses Benefit From President Biden's American Rescue Plan?

Two days ago, President Joe Biden rolled out a fact sheet on his proposed American Rescue Plan. Now, Black-owned businesses are waiting at the ready to see if, indeed, the new Democratic president will do better by them than his predecessor. In a statement posted to the White House’s official website, the Biden administration acknowledged that one in ten Black workers, and one in 11 LatinX workers, are unemployed as a result of the COVID-19 pandemic. To that end, then, his proposed American Rescue Plan will not only address this growing racial and economic disparity but will infuse additional money to the Black-owned businesses who were all but forgotten in the previous round of Small Business Administration (SBA) funding and Paycheck Protection Plan (PPP) loans. The comprehensive plan will also address other socio-economic issues created by the COVID-19 pandemic, including the growing hunger crisis, the increased assistance to veterans, and “equitable delivery” of additional...