By Michael Perchich
December 22, 2020
Dr. Henry McKoy, the director of entrepreneurship at North Carolina Central University, agreed that the bill won’t address the months of rent and other payments many North Carolinians owe.
“There are so many people that are so far behind in their bills and payments, it would be just like putting a small band-aid on a gaping wound,” added McKoy, who previously served as assistant secretary of commerce for Governor Beverly Perdue.
This deal also aimed to address equity concerns over PPP loans. An October report from the House Select Subcommittee on the Coronavirus Crisis alleged limited access to the program.
“The report finds that contrary to Congress’s clear intent, the Trump Administration and many big banks failed to prioritize small businesses in underserved markets, including minority and women-owned businesses. As a result, small businesses that were truly in need of financial support during the economic crisis often faced longer waits and more obstacles to receiving PPP funding than larger, wealthier companies,” the report stated.
McKoy said the COVID-19 pandemic has exposed many similar systemic inequities.
“2020 has been that year where we’ve seen all kinds of different things exposed. And what we’ve long known is that there’s certain incredibly systematic disparities in terms of who gets resources and who doesn’t. The first (round of) PPP kind of exacerbated that,” said McKoy.