Through the worst of the COVID-19 pandemic that shuttered many small businesses, the federal government provided relief loans throughout that period.
The Paycheck Protection Program (PPP) loans were available through May 31, 2021 through the U.S. Small Business Administration.
New data from the Center for LGBTQ Economic Advancement and Research (CLEAR) and Movement Advancement Project (MAP) shows LGBTQ-owned small businesses received COVID-19 relief funds at a far lower incidence than non-LGBTQ businesses.
Yet LGBTQ-owned businesses applied at a higher rate, according to researchers. The report by CLEAR and MAP analyzed data from the Federal Reserve Banks’ annual Small Business Credit Survey (SBCS).
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