Last week, June 24, 2020, I was pleased to join Becky Quick on the CNBC “Squawk Box” to discuss the coronavirus impact on minority-owned businesses.
You can watch the full segment now: https://youtu.be/FDj6N6rCnvE
“Well you know that black folks have been doing so much with so little for so long, Becky, we can almost do anything with nothing. They are extraordinarily resilient,” I said at the beginning.
Later I added, “I think there is going to be two recoveries. You are going to have the investor class at the top that has the benefit of higher education and relationship capital and lots of liquidity and you are going to have that hit with the stimulus, third/fourth quarter of this year.”
“You are going to have an ‘L’ at the bottom which are the hourly workers, 40% of this country who make $40,000 a year, with a high school education and minority small businesses, that recession will feel like a depression,” I am predicting.
“We need to reconnect the ladder,” I added.
Becky asked what I would say to Senators that feel a bit of “fatigue.” They spent so much already and there is still money left in the PPP that hasn’t been tapped. They want to see what happens before they commit to additional funds. She asked, what would I tell them.
“Go do something, PhD’s are good but PhDo’s are better,” I said.
Financial coaching is needed and essential for SBA’s who want to push through the Covid-19 effects on the economy.
“We need not just back, we need better,” I added.
We need a New Marshall Plan. If you missed my recent article published by Milken Institute, please read this article now.
Watch the full Squawk Box segment now: https://youtu.be/FDj6N6rCnvE