Moneda Moves (61): Take this as a reminder to buy local, now more than ever 🛍️
Feliz vierenes, mi gente, and pre-Mother's Day weekend. Please use this newsletter as a reminder that if you're buying this weekend to shop local to keep the small businesses we know and love running post pandemic. I know I am.
This makes a good transition for what we talk about in our podcast today: small businesses and federal aid. If haven't listened to it, please do! This week is a good one featuring small businesses across the country. Find it on Apple and everywhere you listen to podcasts: https://podcasts.apple.com/us/podcast/moneda-moves/id1509830337
It’s no secret that that federal aid put forth by the Small Business Administration has been met with its fair share of critique. The two big programs you’ve heard about are the SBA’s Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP). Take the $660 billion Paycheck Protection Program, which was meant to extend help to small businesses battered by the pandemic, allowing them to keep employees on the payroll. While some businesses have received a much needed infusion to help pay staff, others never heard back. It’s unsure whether they will at all.
Loans of more than $1 million made up just 5 percent of those approved in the first round, but they accounted for roughly half of the overall money. Meanwhile, experts estimate that upwards of 90% of businesses owned by people of color have been, or will likely be, shut out of the Paycheck Protection Program.
We speak with business owners across the country that have applied for federal aid, the application process and what the rest of the year looks like for them financially, both with and without aid. These range from a women’s co-working space, to a coffee shop and taqueria. All small businesses.
A big shout-out and thank you to everyone that participated in this episode:
Diego Mendoza, Staff Writer, San Antonio Express-News
https://www.expressnews.com/author/diego-mendoza-moyers/
Cate Luzio, CEO and Founder, The Luminary
https://www.luminary-nyc.com/
Yai Vargas, CEO and Founder, The Latinista
https://www.thelatinista.com/
Alejandro Banda, Owner, Carniceria Maribel
https://wearemitu.com/entertainment/la-calle-selena-beautifying-chicago/
Jesse Iñiguez, co-founder and director of operations, Back of the Yards Coffeehouse
https://backoftheyardscoffee.com/
Con poder✊🏽,
Lyanne
Keep tabs/cuentas on what's happening at the intersection of Latinos and money.
A few headlines to read as you listen to today's installment.🎧
Minority small businesses squeezed out of SBA loans | The Miami Times
Op-Ed: Small neighborhood businesses need you now more than ever | South Side Weekly
Large, troubled companies got bailout money in small-business loan program | NYT
Where the small business relief loans may have gone | NYT