Economic Indicators:
"Real" Black Employment Rate 24.8%
Unemployment U-3 14.7%
DJIA 24,995
Tyler Perry Plans to reopen studio
Tyler Perry productions plans to re-open it's TV studio this summer. They plan to start production on at least two TV shows. They will follow strict workplace safety measures.
Study find Black and Spanish businesses are not receiving PPP loans
Unidos US, Color of Change and Global Strategy Group
surveyed 500 Black and LatinX business owners and 1200 Black and Spanish
workers. They found that up to 45% of
Black and Spanish business owners may close by the end of the year. More than half of the business (51%) have
applied for assistance ($20,000 dollars or less), only 12% got anything.
Here's the press release. You can also view a summary presentation here.
Here's the press release. You can also view a summary presentation here.
Working black business drop by 40%
The Washington Post reports that Black businesses are having a difficult time during the Coronavirus Pandemic. New research show that in April up to 450,000 active Black businesses have closed.
NAACP call for more PPP lending by congress to Minority Communities
NAACP would like to see more minority lending in the PPP program
How to help Black businesses in Baltimore
Wayne Frazier, writing in the Baltimore Business Journal, has some ideas for assisting minority businesses.
Robert Smith offers advice on getting PPP loans
Robert Smith appeared on the CBS Morning news with Gayle King. Robert Smith, CEO of Vista Equity Partners, is the richest Black Billionaire in the US with a net worth of $5 billion dollars. He is known for paying off the entire student debt of last years graduating class at Morehouse College.
Reality TV
Personality Charged with Bank Fraud
The justice department charged "Arkansas Mo", real name Maurice Fayne, with Bank Fraud. He is a reality TV start on Love
and Hip-Hop: Atlanta. He owns Flame
Trucking. He is accused of misusing a $2 million dollar PPP loan for personal
items rather meeting his business payroll.
Magic Johnson and NAN help loan $100 Million
Credit denials by race to be collected
President Trump meets with Black leaders in Michigan
President Trump met with Black leaders in the Ford
Rawsonville Components Plant in Ypsilanti, Michigan before touring the plant.
The president read a prepared statement of accomplishments
and generic remarks which included his hits: “China is responsible for the
virus” and “Black people had the lowest unemployment rate ever.” He ended with
remarks opposing mail-in voting.
Several of the leaders work directly for him. One leader is
a senate candidate in Michigan. Here is a partial list:
Ben Carson Sr., M.D., Secretary Department of Housing and
Urban Development
Scott Turner, Executive Director, White House Opportunity
and Revitalization Council
John James, Senate Candidate - Michigan
Ja Ron Smith – Assistant to President for Domestic Policy
Karen Whitsett, State Representative, Michigan
Pastor Darrell Scott
You may have missed
City Lab has a good story on under investment in Black
neighborhoods. The City Lab link is here.
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Joe Biden released a plan for Black America called “Lift Every
Voice”.
The plan address proposes to “improve economic mobility,
close racial wealth gaps, improve education, and end health disparities by
race." There are also some justice related ideas such as promoting a fairer
justice system, increasing voter access and addressing environmental issues.
Our View: While the proposals are certainly needed, it’s a
rather small and timid grab bag of extensions to existing programs. It does not do much to tackle underlying issues. However, given where we are with the Trump administration, the plan is
a welcome change of tone and direction.
Interesting People
Other
The Dow Jones Industrial Average rose 500 points to 24,995 on the hopes of opening the US economy and a vaccine.
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