With the future of small businesses in urban communities at risk, former National Basketball Association great Magic Johnson has stepped in to offer assistance.
The CEO of Magic Johnson Enterprises collaborated with MBE Capital Partners to offer $100 million in loans to minority- and women-owned companies hurt by stay-at-home orders due to Covid-19. The loans were funded through Johnson’s EquiTrust Life Insurance Company and will be provided through the Small Business Administration’s Paycheck Protection Program.
“This will allow them to keep their employees and keep their doors open,” Johnson told CNBC’s “Squawk Box” on Tuesday.
Congress set aside $349 billion for PPP funds in April as part of a $2 trillion stimulus package, but the money depleted quickly, forcing another round of aid. New funds include $60 billion set aside for small businesses…