Former NBA legend Magic Johnson is helping those in need during the coronavirus pandemic.
According to The Wall Street Journal, Johnson’s life insurance company EquiTrust Life Insurance Co. will begin offering women and minority-owned small businesses “up to $100 million in Paycheck Protection Program loans,” due to COVID-19.
Per the source, the effort is being offered through the Small Business Administration PPP program in conjunction with MBE Capital Partners located in New Jersey.
The large fund is reportedly going to help up to 5,000 businesses.
Johnson wanted to be of assistance after he was moved by reports about how minority businesses were struggling to get PPP loans.
“We knew why the money was gone and couldn’t trickle down to small businesses, especially small minority businesses, because they didn’t have those great relationships with the banks,” Johnson said in a statement to the WSJ. “So, this was easy for us to understand.”
