Coronavirus: Magic Johnson's company to provide $100M to fund loans for minority-owned businesses amid COVID-19 pandemic

Lakers legend Magic Johnson on Tuesday talked about providing some much-needed help for minority-owned businesses struggling during the coronavirus pandemic.
Lakers legend Magic Johnson appeared on ABC's Good Morning America Tuesday morning to talk about providing some much-needed help for minority-owned businesses struggling during the coronavirus pandemic.

Johnson and his life insurance company are giving $100 million to the Paycheck Protection Program.

Magic said minority-owned businesses are being overlooked.

Johnson's company will be teaming up with a non-bank lender that specializes in financing minority- and women-owned companies.

WATCH: Gov. Newsom announces pro sports, hair salons may reopen in next few weeks
EMBED More News Videos

Gov. Gavin Newsom laid out early guidance for much of the state to move into further reopening in the coming weeks, including hair salons and even sporting events.

Copyright © 2020 KABC-TV. All Rights Reserved.