Businesses owned by minorities faced significantly more temporary disclosures than non-minority businesses amid the pandemic
Construction, restaurants, hotels, and transportation all faced large declines in the number of business owners due to COVID-19, and according to a Stanford University study, the concentrations of female, Black Americans, Latinx, and Asian businesses in industries hit hardest by the pandemic contributed to why losses were higher for these groups than the national average loss. Immigrant businesses were also devastated by losses of 36 percent.
The number of active business owners in the United States plunged from 15.0 million to 11.7 million over the crucial two-month window from February to April with the onset of the pandemic. According to the Stanford University report, no other one, two, or even 12-month window of time has ever shown such a large change in business activity. For comparison, from the beginning to the end of the Great Recession, the number of business owners decreased by 730,000, representing only a 5 percent reduction.
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