Congress has now passed four significant pieces of legislation but it’s still not getting to most small businesses ,says the mayor of Newark.
Congress has now passed four significant pieces of legislation to try to blunt the effects of the coronavirus pandemic and rush help to the U.S. economy.“Honestly, very few of the businesses in the city have been able to access [government] funding,” Mayor Ras Baraka told Yahoo Finance, pointing to deficiencies at every level of government, from his own administration up to Washington, D.C.
The problem is that many small businesses – and especially minority-owned small businesses – didn’t have a pre-existing banking relationship to get them in line for funds. The program has delivered over half a trillion dollars to businesses around the country so far. In March, the Congress gave the program $310 billion in a second round of funding. As of Saturday, $195 billion from that current allotment had been spent.
Goldman Sachs has promised $500 million to help small businesses around the world. Margaret Anadu, Goldman’s head its Urban Investment Group, also joined Yahoo Finance on Monday to discuss that program.
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