August 14, 2020
“Nearly half of Black small businesses had been wiped out by the end of April,” Forbes reports off a report issued by the New York Fed.
“Black-owned businesses were more than twice as likely to shutter as their white counterparts, the report found.”
Between February and April of 2020, the number of active overall small business owners plummeted 22 percent, the largest drop ever.
Black businesses declined the most, 41 percent, while Hispanics and Asians fell by 32 and 26 percent, respectively. White business dropped by 17 percent.
Forbes believes the “figure has likely increased substantially as the pandemic has dragged on with a resurgence of cases this summer[.]”
Naturally, Forbes blames the unicorn of “institutional racism.”
“Why have Black businesses been twice as likely to close as their white counterparts, just as Black unemployment is often double that for whites?” Forbes asks rhetorically. “It’s institutional racism.”
This article was posted: Friday, August 14, 2020 at 4:43 am