Heard on the Street: legal aid for NYC businesses, saving Main Street businesses, and the largest black-owned bank

By September 14, 2020 Heard on the Street

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

Legal Aid to Level the Playing Field for Small Businesses in New York: The Commercial Lease Assistance Program launched as a small pilot program in 2018, with $2.4 million in funding over two years. It has provided assistance on more than 1,000 legal matters to around 400 businesses (some have returned for more than one case) — 75 percent of which are owned by people of color, 64 percent are immigrant-owned, and 51 percent are women-owned.

Communities across America rush to save Main Street as federal relief for small business stalls: As Washington gridlock over extended relief for small businesses continues, cities and local communities are helping. Some cities like Akron, Ohio, are offering grants through the CARES Act, others are offering equity finance.

Justice Dept. Announces Dozens of Fraud Charges in Small-Business Aid Program: The Justice Department said 57 people had been charged with trying to steal more than $175 million from the Paycheck Protection Program, which provides small businesses with emergency loans during the pandemic.

Black Bank Owners Merge to Create the Largest Black-Owned Bank in U.S.: City First Bank in Washington, D.C. and Broadway Financial Corp (BYFC), in Los Angeles, have merged to create a new company, combining to increase their lending capacity for commercial investments with a focus on affordable housing, small businesses, and nonprofit development in underserved areas.