Small Business Owners of Color Are the Hardest Hit amid the Pandemic

From February to April this year, the US saw the number of Black, Latinx and Asian small-business owners decline 41%, 32% and 26%, respectively, according to a recent report from the National Bureau of Economic Research, citing US Census Bureau data.

Over the same period, the decline in the number of immigrant small-business owners was double that of US-born small-business owners (down 36% and 18%). Additionally, female-owned small businesses dropped 25%, which was greater than the decline for males.

This data comes after the Small Business Authority’s implementation of the Paycheck Protection Program in April—and shows that business owners of color are suffering the most during the pandemic.

Read more:

• PPP loan recipients are facing forgiveness application delays as US banks seek guidance from the SBA
• Global Retail Sales Will Drop 5.7% This Year Because of the Pandemic
• Roughly Two-Thirds of SB Owners Will Rely on Ecommerce More Post-Lockdown

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