New research by the Cleveland Business Journal finds that the Small Business Administration has reduced lending to Black owned businesses by 84%, reports Cleveland.com.

The Small Business Administration has decreased its loans given to Black-owned businesses 84% since peaking before the Great Recession, according to research by the Cleveland Business Journal.

President Donald Trump is working on a plan that will see Small Business Administration being used to help the federal government in its response to the impacts of the coronavirus. This, of course, is done in collaboration with Capitol Hill. The aim of these efforts is to cushion small businesses by providing them as much as $50 billion in loans that will see them remain afloat during the economic meltdown caused by COVID-19 pandemic. This action will not only help businesses but will also benefit employees of these enterprises amid imminent layoffs courtesy of the virtual shutdown due to the widespread pandemic in the entire country. The layoffs have led Washington into adopting strict measures, including one of the largest stimulus packages in history at the backdrop of the economic crisis that is leading the country into recession.