Congress is poised to approve billions in additional economic aid to support small businesses
Forty percent of the revenues of black-owned businesses are in the five most vulnerable sectors—including leisure, hospitality, and retail.
(WASHINGTON – April 21, 2020) – Today, the Black Economic Alliance (BEA), a nonpartisan group of Black executives and business leaders, published a detailed proposal outlining five key initiatives to help Black businesses, workers, universities, and cultural institutions in this time of crisis.
David Clunie, Executive Director of the Black Economic Alliance, issued the following statement ahead of the release of the recommendations:
“Black Americans are feeling the most severe economic and health impacts from the coronavirus pandemic, but are simultaneously failing to gain access to the relief deployed by the federal government. Congress must counteract this reality by prescribing targeted solutions to overcome the persistent lack of access to financial resources for Black people and institutions in America.
“Congress can determine the fate of millions of small businesses, universities, and cultural institutions in the next round of stimulus funding. They must prioritize support for minority-owned businesses and ensure that Black workers and students have the resources they need to survive this pandemic.
“Black business, educational, and cultural institutions play a vital role in the American economy. But, historically, they have not received the full support of the federal government – in good times or bad. With a coordinated public and private response, we can ensure that the Black community plays an integral role in advancing the entire U.S. economy through this crisis.”
Find the full set of recommendations here and the five key initiatives below:
Support Small Black Businesses
Nutrition and the Unbanked
Historically Black Colleges and Universities
Black Financial Firms
Black Cultural Institutions
About the Black Economic Alliance
The Black Economic Alliance is a coalition of business leaders and aligned advocates committed to economic progress and prosperity in the Black community. Led by a board that includes executives from a range of industries including media, finance, pharmaceutical, non-profit, and tech, we’re using our collective power and business acumen to advance policies that can and will improve work, wages, and wealth for Black Americans.