Hall of Famer Magic Johnson announced Tuesday that the company for which he owns a majority will be giving a $100 million donation in capital to fund federal loans for minority and women-owned businesses.
EquiTrust Life Insurance Co., of which Johnson has held a majority stake since 2015, , is taking aim at helping the business owners hit hard economically by the coronavirus pandemic. Johnson, the CEO of his own company, Magic Johnson Enterprises, collaborated with MBE Capital Partners to distribute the loans, which will be given through the Small Business Administration’s Paycheck Protection Program.
Congress' initial allotment of $349 billion for PPP funds in April ran out in two weeks and then an additional $310 billion was approved, including $60 billion designed to help smaller businesses.