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Joe Biden’s coronavirus stimulus would take ‘systemic racism’ into account: Yahoo Finance reporter Sibile Marcellus

Yahoo Finance Editor-in-Chief Andy Serwer, HuffPost Washington Bureau Chief Amanda Terkel, Yahoo News Editor-in-Chief Dan Klaidman, and Yahoo Finance Reporter Sibile Marcellus to break down stimulus talks and the affect the economic downturn is having on minority groups.

Video Transcript

SIBILE MARCELLUS: That's a really important question, Dan. And that's something that lawmakers really have to address. Because we're seeing Washington, when they're dealing with the coronavirus pandemic, they're taking a one-size-fits-all approach. So obviously, they're doing the Paycheck Protection Programs, small business loans to help all Americans who are being impacted by the pandemic.

But the question is, how do you help minority businesses that are facing possibly more severe impacts because prior to the pandemic, it was much harder for them, when you look at the data, to even secure a loan to launch a small business? So the few that were able to do it, those numbers now to be hit with the coronavirus pandemic. And then when we're looking at who was able to secure one of those Paycheck Protection Program loans, when you look at the data, you see that minority businesses were challenged in being able to secure those loans.

So because of that, many of them had to close shop permanently. And for those that were able to secure a loan, they're actually grouped in with actually all small businesses that are impacted because they need another round of loans. They're asking for more help. So when it comes to addressing specifically racial equity in stimulus financial relief for the entire country, we're seeing lawmakers basically focus on everybody.

But we're seeing a difference when it comes to Joe Biden's campaign. So I just spoke not too long ago with the chief of staff of Kamala Harris, Karine Jean-Pierre, and what she was saying is that Biden, in his administration, he would take a different approach where he would look at systemic racism and have that color their perspectives and their actions when it comes to legislation. So if they're able to accomplish that in the Biden administration if Joe Biden were to be elected, then we could possibly see a different approach from Washington when it comes to offering financial relief and addressing different issues in the workplace for Americans and for minorities.