Heard on the Street: PPP updates, putting your money where it matters, and how foundations can support small business recovery

By July 20, 2020 Heard on the Street

Heard on the Street – here’s what we were reading last week:

Could 86% Of PPP Loans Be Converted To Grants? Mnuchin Backs Automatic Forgiveness For Some PPP Loans: To date, the Paycheck Protection Program (PPP) Loan program has provided over 4.6 million loans, totaling more than $520 billion. Now, however, the reality of processing these loans is leading some organizations to question how feasible it will be to handle such a large number of loans in an efficient manner.

Where you bank can make a big difference for racial justice: Consumers can push for racial justice – and it’s as simple as opening an account at a community bank or credit union that supports under-served communities. And, across the U.S., there are more than 1,000 CDFIs, which specialize in under-served communities and more than a third of their banks are led by minorities.

3 Foundation Leaders On How Philanthropy Can Support Inclusive Small Business Recovery: Representatives from the Mastercard Center for Inclusive Growth, Robert Wood Johnson Foundation, and the Kauffman Foundation weigh in how they’re thinking about the role of philanthropy in supporting small businesses.

Do Your Employees Know Why You Believe in Racial Equity?: Ensuring people from underrepresented communities are recruited and advanced is far more beneficial for an organization than any one individual. Diversity, equity, and inclusion attempts to level the playing field to allow the best ideas to flourish, connect talented individuals from underrepresented backgrounds with opportunities that those in the majority often have unfair access to, and empower the best organizations to thrive.