Who has access to the payroll protection program?
Sean 'Diddy' Combs has stepped forward to try to help minority-owned small businesses access the money from PPP, which has been notoriously hard to apply for.
Rebecca Rose Woodland, legal analyst and litigator, joined TheStreet to discuss PPP.
Watch the video above for more.
Katherine Ross: We're seeing high profile celebrities, like Sean "Diddy" Combs, come forward to try to help educate minority businesses to get PPP. Joining me to weigh-in, is Rebecca Rose Woodland, litigator and legal analyst. Rebecca, could discrimination suits emerge from companies being denied PPP?
Rebecca Rose Woodland: So, that's a really good question. What we've seen, so far with the stimulus package and the PPP in the first round, it's been reported that 90% of minority-owned businesses were not given access to this ability to get these loans, which would then be considered forgiven if businesses follow the certain protocol. So, what minority-owned businesses are saying, have been saying, is hey, we're being the hardest hit, due to this pandemic. We have small businesses that we need the cash flow to maintain so that coming out of the pandemic we will continue. And we were not granted any loans for this. So, we'd like access on this second round, which was voted into law and signed in by the President, last week.
Katherine Ross: I hate to ask it, but we are in now phase two of the PPP and I'm wondering is this too little too late?
Rebecca Rose Woodland: So, that's another thing that we're seeing and you do see someone like Sean "Diddy" Combs coming in with a resolution. What he did was he started what he calls "Our Fair Share". So, he's asking that minority businesses be funneled. Funnel their applications through him and he has banks ready to give the money, so that the applications can be streamlined and move very quickly so that these businesses can sustain. Because many of them are saying they're are on their last legs. They cannot survive without this stimulus money.
Rebecca, as always, I appreciate your insight. Thank you for joining us today and for more on the coronavirus pandemic and its impact on business, please head over to TheStreet.com.