COVID-19 has had a major impact on U.S. small businesses, especially “Main Street” establishments such as restaurants and retail stores. In this presentation, we will look at the impact of COVID and delve into how the pandemic has affected U.S. small businesses, specifically Black and Hispanic owned businesses, and what resources are available to help businesses survive and thrive.
Recent research shows that although COVID-19 has affected all businesses in a major way, Black and Hispanic business owners have struggled the most. A recent study by the Bureau of Economic Research documents a general decline of 22.0% in active business ownership between February and April 2020, with a greater decrease of 32.0% in active Hispanic business ownership, and almost twice the decrease among Black business owners (41.0%).
The three main impact areas for small business owners affected by COVID-19:
- Impact on Business, Owners and Employees
- Impact of Resources and Support
- Impact on Expectations and Outlook
This webinar is a part of the National Small Business Week Virtual Summit, hosted by the U.S. Small Business Administration and SCORE.
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