As we approach the end of Black History Month — the first since the pandemic began — we face a sobering set of unsolved challenges. Over 1.3 million African Americans have contracted the coronavirus. It’s devastated families, damaged communities and ruined progress. A year ago Black-owned businesses were gaining a real foothold in the economy, powering a roaring recovery. COVID-19 has dealt them a severe setback.
It is exactly the wrong time to lay down new financial barriers to success.
The top priority for community banks has been getting Paycheck Protection Program (PPP) loans quickly to distressed small businesses. But some in Washington are focused more on regulation than relief. Dave Uejio, acting director of the Consumer Financial Protection Bureau (CFPB), has promised to “reverse” policies “that weakened enforcement and supervision.”