September 8th 2023.
Prodigal Sons and Daughters (PSD), a black non-profit organization with over 25 years of service to minority communities, is facing a shocking setback. After an eight-month wait, PSD received an Employee Retention Tax Credit refund of $488,000. This money was intended to fund community initiatives like food banks and youth programs in New Jersey, Florida, and Georgia. However, PNC Bank has put a hold on the funds, citing the need to investigate PSD’s legal status.
The delay and possible freeze of funds has caused significant problems for PSD and those who rely on their services. The timing and nature of PNC Bank’s actions have caused many to question whether this incident is just a procedural matter or indicative of systemic financial discrimination against minority organizations.
Dennis Porter, the Founder of Prodigal Sons and Daughters, expressed his disappointment. “Our commitment to the communities we serve has been unwavering for decades,” Porter said. “It’s disheartening that our access to funds essential to our mission has been hindered. This case raises serious issues about the treatment of black and minority organizations in the financial sector.”
Though PNC Bank has yet to comment on the situation, advocates and supporters of PSD are standing up to shed light on the issue. Historical financial discrimination against black and minority entities has had long-lasting effects, and incidents such as these raise the concern that such prejudice may still exist in today’s financial industry.
The public is being called upon to take action and demand fairness and transparency from financial institutions. The Prodigal Sons and Daughters event serves as an important reminder that non-profits working to support their communities should receive fair and equitable treatment, without any additional roadblocks.
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