Wednesday, May 12, 2021

Minority small business owners feel impact of coronavirus

LANSING, Mich. (WILX) – A brand new survey sheds gentle on how devastating the monetary toll of the pandemic is for minority small enterprise homeowners.

“Reimagine Fundamental Road” discovered 33% of black-owned, 26% of Native American owned and 21% of Hispanic owned companies have lower than one month of money to cowl bills.

Of these surveyed, 10% anticipate to shut completely within the subsequent six months.

“There’s been some federal assist, the paycheck safety program, and that helps some small companies,” mentioned Rhett Buttle, founding father of Public Non-public Methods. “However it simply disproportionately went to bigger companies and fairly frankly, didn’t circulation to enterprise homeowners of colour who wanted it probably the most.”

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

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