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A smaller PPP safety net for Latino businesses

Adapted from an SLEI report through Stanford University; Chart: Axios Visuals

An analysis of more than 5 million loans given out through the Paycheck Protection Program has found stark inequalities for Latino, Black and Asian people in how the critical funds were doled out.

The big picture: Neighborhoods with high Latino populations in places like Los Angeles, New York, Phoenix and San Diego got half as many loans than white non-Hispanic zones, according to reporting from Reveal News and The Los Angeles Times.


Why it matters: Thousands of minority-owned businesses shuttered during 2020, a fate that PPP loans for rent, utilities or payroll were meant to prevent.

  • The inequality stems partly from a long-standing lack of relationships between banks and business owners of color.
  • On average even before the pandemic, only 51% of Latino-owned businesses were approved for loans, compared to 77% of white non-Hispanic-owned businesses that did, according to a Stanford study.

What’s next: Changes made to the second round of PPP loans seek to improve access for business owners of color through smaller lenders that serve more of the communities. And non-citizens with Individual Taxpayer Identification Numbers can now get federal pandemic relief. Applications are due before May 30.

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Exclusive: Trump never raised Russia's Taliban bounties with Putin

President Trump has never confronted Vladimir Putin with intelligence indicating Russia paid the Taliban to kill U.S. troops, he told “Axios on HBO” in an interview on Tuesday. 

Why it matters: Democrats have seized on the issue, and Trump's reluctance to discuss it, as evidence he’s unwilling to challenge Putin even when American lives are at stake.

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Joe Biden will take office today facing a challenge none of his modern predecessors have had to reckon with — his legacy will depend largely on how well he handles a once-in-a-century pandemic that's already raging out of control.

The big picture: Public health tends to be relatively apolitical and non-controversial. The limelight in health care politics typically belongs instead to debates over costs and coverage. But that will all change for the Biden administration.

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President Biden is expected to present a series of executive actions on guns Thursday, including directing his Justice Department to tighten regulations on purchases of so-called “ghost guns."

Why it matters: The president has faced increased pressure from Democrats and gun violence prevention groups to act on the issue following a series of recent high-profile gun tragedies across the U.S.

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