IT’S ALL ABOUT THE NARRATIVE: New York Times: Minority Entrepreneurs Struggled to Get Small-Business Relief Loans. Buried in the text: “The vast majority of lenders did not report demographic data on the 3.6 million loans they made this year, but of the 996,000 that included information on the borrower’s race, 71 percent of the dollars went to white-owned businesses.” But over eighty percent of U.S. businesses are owned by whites, and because many of the businesses owned by minorities are owned by immigrants, they tend to be less established. So all things equal, one might expect the baseline to be that more than eighty percent of “the dollars” would go to whites. So how the New York Times concludes that its “analysis of data from several sources” “show that Black- and other minority-owned businesses were disproportionately underserved by the relief effort” is a mystery not explained in the article.