Why Black and Hispanic Small Business Owners Have Been Hit So Hard by the Pandemic Recession

Why Black and Hispanic Small Business Owners Have Been Hit So Hard by the Pandemic Recession

The pandemic has taken its toll on Main Street, with small businesses across the United States closing by the thousands.

But as bad as the big picture is, for minority-owned businesses the picture is even bleaker. A poll published on January 27 by Small Business Majority advocacy group found that nearly one in five black and Hispanic entrepreneurs should close their business permanently over the next three months – a higher rate than for white business owners. This follows a report from the Federal Reserve in Cleveland suggesting the impact of the coronavirus could be more than twice as big for black and Hispanic owned businesses than for white owned businesses …

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