Fed's Kashkari: Paycheck Protection Program Disadvantaged Black Americans

Fed's Kashkari: Paycheck Protection Program Disadvantaged Black Americans

Federal Reserve Bank of Minneapolis President Neel Kashkari said Wednesday a key program aimed at supporting the U.S. economy during the coronavirus pandemic may have also made wealth inequality between white and Black Americans worse.

At a Fed forum on racism and wealth issues, the central banker took aim at the government’s Paycheck Protection Program, which extended forgivable loans to firms that used the money to stay in business and keep workers on the clock when the economy was under heavy strain during the pandemic….