Beyoncé Donates $1M to Black-Owned Businesses Impacted by COVID-19

Ariana Yaptangco
·2 mins read
Photo credit: Kevin Winter - Getty Images
Photo credit: Kevin Winter - Getty Images

From ELLE

For Beyoncé's birthday this year, the superstar is giving back. On Wednesday, two days before Bey's b-day on September 4, the BeyGOOD foundation announced she will be donating $1 million to Black-owned small businesses affected by the COVID-19 crisis.

"Proud to announce $1M in additional funds from Beyoncé to help Black-owned small businesses," the foundation said on Instagram. "Round two of funding opens this month, with our partner NAACP."

Back in July, BeyGOOD joined forces with the NAACP to create Black-Owned Small Business Impact Fund, which awarded $10,000 grants throughout Atlanta, Houston, Los Angeles, Minneapolis, and New York.

The Black-Owned Small Business Impact Fund aims to cover the disparity in financial aid provided by the Paycheck Protection Program. As Complex notes, the Small Business Association reports that 14 percent of businesses included their race in Paycheck Protection Program loan applications. Only 1.9 percent of loans were granted to Black-owned businesses, in comparison to the 83 percent granted to businesses owned by white people.

Bey has been hard at work with charity initiatives this year. Back in April, she teamed up with Twitter CEO Jack Dorsey and UCLA to combat the COVID-19 crisis and "support organizations that are on the ground 24/7, including United Medical Center, Bread of Life, Matthew 25 and others." The $6 million donation helped the hardest hit areas and provided "basic necessities, including food, water, cleaning supplies, medicines, face masks, and personal hygiene items."

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