Coronavirus Is Hitting Black Business Owners Hardest

The New York Times (NYT) (06/18/2020)
  • More than 40% of US black-owned business owners reported not working in April vs 17% of white businesses.
  • Shutdowns – Black businesses are more likely to operate in industries (eg restaurants, retail) forced to shutdown due to coronavirus.
  • Cash-Strapped – Even before the crisis, 95% of black businesses only had two weeks or less of savings on hand to cover expenses.
  • 25% of black-owned businesses received emergency government loans vs 50% of all small businesses (lack relationships with banks in charge of approvals).