The PPP prioritized the applications of their wealthier clients, mostly white, at the expense of Black business owners who don’t have existing banking relationships.
This data highlights the historically racist practices that Black business owners have faced for hundreds of years with the traditional financial system.
No progress has been made in reducing wealth inequalities between Black and white households over the past 70 years.
Data from 2016 shows the typical middle-class Black household had $13,024 in wealth versus $149,703 for the median white household.
Author of Bitcoin & Black America, Isaiah Jackson believes that by continuing to deposit money into banks, Black people continue to feed a system that does not have our best interests at heart.
