“These businesses are a vital part of our economy and essential to the economic growth necessary for recovery from the pandemic,” said Johnson.
By Shanique Yates, AfroTech
Magic Johnson’s EquiTrust Life Insurance company has teamed up with Carver Federal Savings Bank and MBE Partners to provide $225 million in Paycheck Protection Program (PPP) loans to minority and women-owned businesses, according to Black Enterprise.
This is in addition to the combined $100 million in PPP loans that the corporations have provided during the coronavirus, bringing the total to $25 million in funds. These loans are for all nonprofits, religious organizations, minority, and women-owned businesses that were left out of the Small Business Administration funding.