"Self Service Bodega Closed, Brooklyn" by Shawn Hoke is licensed with CC BY-NC-ND 2.0.
Dec 15, 2020
Affluent Brooklyn neighborhoods get more access to PPP loans: report
The City's analysis of data that reveals only a little over half of New York City microbusinesses received the Small Business Administration loans.
The City, New York’s non-profit indie newsroom, has a fresh analysis of federal data that reveals only a little over half of New York City microbusinesses—those with fewer than 10 employees—received loans under the Small Business Administration’s Paycheck Protection Program
What’s interesting here is the breakdown by neighborhood of how those funds were accessed: The Queens portion of Congresswoman’s Alexandria Ocasio-Cortez’s district and nearby areas struggled to access PPP funds, for example, even after central Queens became the epicenter of the city’s Covid outbreak last spring.
Fewer than 40 percent of 9,800 microbusinesses in Flushing, Corona, Jackson Heights and Elmhurst were able to secure loans. In Central Brooklyn areas such as Clinton Hill, Fort Greene and Prospect Heights, however, microbusinesses were able to access the funds at a nearly double the rate: more than three-quarters of 3,300 businesses, according to The City.
“Microbusiness owners who got loans called them a godsend—and credited a team effort to securing the funds,” writes Ann Choi. “‘We wouldn’t have been where we are today, meaning we would have not been open, had it not been for the PPP money,’ said Charwyn David, the owner of Pooch Purrfect, a pet daycare and grooming store on Washington Avenue in Prospect Heights, Brooklyn.”
Read more here. and check out their groovy interactive graphic breaking down the share of microbusinesses that received PPP loans by ZIP code.
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