Magic Johnson providing $100M in loans to minority-owned small businesses

Former NBA player Magic Johnson on stage during the 29th Annual Achilles Gala. (Roy Rochlin/Getty Images)

NBA legend Magic Johnson is creating his own paycheck protection program for minority-owned small businesses.

Johnson's life insurance company will shell out $100 million for women and minority-owned small businesses struggling during the pandemic.

The loans are aimed at supporting people of color and women who operate businesses in underserved communities.

The goal is to help 100,000 businesses secure resources that will sustain them through the COVID-19 pandemic.