Magic Johnson is providing a helping hand amid the COVID-19 pandemic.
Last week, CNBC reported that Johnson will be offering $100 million in loans to “minority and women-owned companies hurt by stay-at-home orders due to COVID-19.” The loans were funded by Johnson’s EquiTrust Life Insurance Company and will “be provided through the Small Business Administration’s Paycheck Protection Program.” While speaking on his plan to help out those in need, Johnson explained that businesses will not have to fear foreclosure. “This will allow them to keep their employees and keep their doors open,” the former Lakers star explained.
He added, “We have to remember that these businesses have been in urban communities for a long time. They’ve been doing great things, and they probably didn’t have a relationship with the banks when the stimulus package went out. So now, we’re able to say, ‘Hey, you can have a relationship with us.’
—REVOLT
