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Loans went to private equity firms, whose executives can pay lower tax rates than their secretaries. Companies owned by billionaires, as well as elite private schools, obtained loans, while minority-and women-owned businesses were left in the lurch and have been hit particularly hard by the pandemic. Businesses with ties to members of Congress and the Trump administration got loans, as did companies with 10-figure sales numbers and temp agencies enjoying a boom during the pandemic.

A study featured in the New York Times found banks were more likely to treat white business owners better than Black business owners and more likely to recommend that white customers apply for loans. Another study, by Accountable.US, found congressional districts with the highest percentages of Black residents received far less money in loans than districts with the lowest percentages.

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