IMPOR TANT 2020 ELECTION DATES CHAIRWOMAN’S REPORT

CHAIRWOMAN’S REPORT RISE Miami-Dade Fund Helps Small Businesses Survive Coronavirus Crisis

BY AUDREY M. EDMONSON

Small businesses have long been considered the backbone of America’s economy, delivering the entrepreneurial drive that vitalizes neighborhoods, supplies residents’ needs, and fuels local economies with commerce and job growth.

Small businesses also are an important part of the tax base, generating revenue that sustains vital infrastructure

BY WILLIAM ALEXIS

The COVID-19 pandemic has claimed in excess of 150,000 American lives. The United States is now the “global hotspot” with Florida second only to California in number of cases.

The devastating impact of the pandemic upon the African-American community cannot be overstated. Sources estimate that and public safety, and they help keep consumer prices low by providing healthy competition.

But lockdowns and restrictions due to the COVID-19 pandemic have hit small businesses harder than perhaps any other sector of the economy, and many minority-owned businesses have suffered disproportionately during these challenging times.

But here in Miami-Dade, a transformative new revolving loan fund for small and micro businesses in MiamiDade County is helping them weather the Coronavirus crisis. Businesses with fewer than 25 employees and annual revenues of less than $2 million can now apply for loans of up to $30,000 from the ReInvesting in our Small Business Economy Miami-Dade Fund.

The Rise Miami-Dade Fund is the result of legislation approved by the Miami-Dade County Commission in June. It allocates $25 million in Coronavirus relief dollars from the federal CARES Act to provide small businesses access to capital and allow them to receive the the infection rate is in excess of 30 percent among African Americans and the death rate is 2 to 6 times that of whites.

African Americans account for nearly a quarter of all COVID-related deaths nationally despite being only 13 percent of the U.S. population. It remains unclear as to why the infection and death statistics among African Americans have been so disproportionately high. Preexisting medical conditions, lack of healthcare access and utilization, as well as many socioeconomic factors have all been suggested as possible reasons. Experts agree that while face coverings, social distancing, and isolation of infected individuals and contacts may serve to mitigate further spread of the virus, a safe and effective vaccine is urgently needed to control the pandemic.

This July, the National Institutes of Health announced the launch of Phase 3 clinical trials to evaluate the efficacy of the investigational vaccine known as mRNA1273 to prevent symptomatic COVID-19 infection in adults. The trial is expected to enroll approximately 30,000 healthy adult technical financial assistance they need to recover from the COVID-19 crisis.

In the longer term, it will become part of Miami-Dade’s permanent small business infrastructure, helping mostly minority-owned businesses gain access to capital and assistance they wouldn’t have otherwise.

The Dade County Federal Credit Union, as the RISE Fund administrator, is working directly with local community development financial institutions that will originate and package the loans. The CDFIs are Accion, the Black Business Investment Fund, and the Miami Bayside Foundation.

After a business is issued a loan, the CDFIs will continue to provide technical assistance to the businesses to help them survive the crisis and strengthen for the future. Loan funds can be used for employee wages, inventory, utilities, commercial lease, mortgage or rent payments, to pay off high interest debt, and for other expenses incurred due to Coronavirus safety provisions.

Besides having fewer than 25 volunteers at 89 clinical research sites across the United States.

Given the disproportionate impact of the disease upon African Americans, it is of paramount importance that these trials include those who most stand to benefit from the vaccine. To what extent African Americans will participate or have the opportunity to do so remains to be seen.

To be sure, the progress achieved thus far in the development of a vaccine has been rapid, but necessary. Dubbed “Operation Warp Speed,” the multi-agency collaboration implementing this trial has the stated aims to accelerate development, manufacturing and distribution of medical countermeasures to COVID-19.

African Americans have been traditionally underrepresented in clinical research trials. The most often invoked reason for this is the legacy of the Tuskegee Syphilis Experiment, which damaged the trust African Americans place in clinical researchers and healthcare providers. More impactful, however, may be the role that racial bias plays in the enrollment of African Americans employees and annual revenue of less than $2 million, Miami-Dade businesses must be in operation for at least two years to qualify for the program, as well as have a credit score greater than 575 with no bankruptcies or foreclosures in the last three years. In addition, the program requires that the business owner’s primary residence be Miami-Dade County.

For more information about the RISE Miami-Dade Fund and to apply, visit www.risemiamidade.com.

This RISE Miami-Dade Fund will be a key component in our county’s efforts to recover from the Coronavirus crisis in the near term and foster a thriving economy in the years ahead. It is my hope that small business owners – especially those that have historically faced challenges in accessing capital – will take advantage of this opportunity to not only keep their doors open in the days of COVID-19, but to prosper well into the future.

Audrey M. Edmonson is chairwoman of the Miami-Dade County Commission.

COVID-19 REPORT

African Americans Must Be Included in COVID-19 Clinical Trials

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Researchers often assume that the results of clinical trials may be applied to the general population. In studies where African Americans are underrepresented, it can only be “assumed” that the findings also apply to them. This has led researchers to believe that racial disparities in clinical trial participation could fail to identify important differences in treatment effects based on race and genetic factors.

Given that the African-American population has been most affected by COVID-19, clinical trials must be designed to ensure that the vaccine works in African Americans. This can only be accomplished through the inclusion and participation of African Americans in these clinical trials. The recovery of the African-American community from this pandemic may depend on it.

Dr. William Alexis is a clinical and interventional cardiologist and is chief of Internal Medicine and Cardiology at Memorial Hospital West in Pembroke Pines.

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