Chance the Rapper is getting back to performing with the help of Verizon and their weekly livestream series, #PayItForwardLIVE, which focuses on offering financial support to small businesses impacted by COVID-19. Proceeds will go towards the Local Initiatives Support Corporation's (LISC) Verizon Small Business Recovery Fund. Verizon will commit $10 for every use of the hashtag #PayItForwardLIVE, for up to $2.5 million.
"I am excited to perform for Verizon’s Pay It Forward Live series which benefits local small businesses, who need our support due to the drastic slowdown in our economy from the global pandemic, Chance said, per Yahoo Entertainment. "As a Chicago native, I would like to especially highlight these black-owned businesses, who are the soul and backbone of our community: Chicago’s Home of Chicken & Waffles, Mikkey’s Retro Grill Stony Island, Uncle Remus Saucy Fried Chicken and Fat Tiger Workshop, just to name a few. It’s more than important than ever that we all come together to get through this tough time and help continue to help support small businesses in our local communities."
Chance's decision to highlight black-owned businesses comes weeks after a report from the Center for Responsible Lending suggested that minority and women owners could be overlooked by the Paycheck Protection Program. The center feared that participating banks would prioritize these available funds for businesses owned by people that they have already loaned out money to. Once the PPP well dries up, minorities would most likely be left out in the cold as their businesses struggled to stay afloat.
"Roughly 95% of Black-owned businesses, 91% of Latino-owned businesses, 91% of Native Hawaiian or Pacific Islander-owned businesses, and 75% of Asian-owned businesses stand close to no chance of receiving a PPP loan through a mainstream bank or credit union," the Center for Responsible Lending warned.