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Minority small business owners feel impact of coronavirus

Small Business Association
Posted at 12:06 PM, Dec 22, 2020
and last updated 2020-12-22 12:06:19-05

MICH. — A new survey sheds light on how devastating the financial toll of the pandemic is for minority small business owners.

“Reimagine Main Street” found 33% of black-owned, 26% of Native American owned and 21% of Hispanic owned businesses have less than one month of cash to cover expenses.

Of those surveyed, 10% expect to close permanently in the next six months.

“There’s been some federal help, the paycheck protection program, and that helps some small businesses,” said Rhett Buttle, founder of Public Private Strategies. “But it just disproportionately went to larger businesses and quite frankly, didn’t flow to business owners of color who needed it the most.”

$325 billion from the senate’s COVID-relief bill is being designated to small businesses.

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