Researchers at the central bank's New York district further found that Covid-19 cases are concentrated in areas that are more predominantly populated by Blacks, causing a further hit to those businesses.
Black-owned businesses have been hit harder than their white-owned counterparts during coronavirus pandemic, a New York Fed paper released Tuesday found.
Just 20% of Paycheck Protection Program loans went to areas that had the highest concentration of Black-owned businesses.A worker for United Parcel Service Inc. makes deliveries on a street with closed stores in the Borough Park neighborhood in the Brooklyn, New York, April 7, 2020.Black-owned business have suffered disproportionately during the coronavirus pandemic and should be the target of future economic recovery efforts, according to an analysis the Federal Reserve released Tuesday.
The issue is compounded by lack of access to adequate funding, including the rescue loans provided through the Paycheck Protection Program. Just 20% of PPP loans went to areas that had the highest concentration of Black-owned businesses, wrote Fed anlaysts Claire Kramer Mills and Jessica Battisto. "Given the high geographic concentration of firm activity and the Black population in general, business disruptions in these particular places can have outsized effects on African American well-being at large," they wrote.on additional relief efforts from the unprecedented economic and employment hit during the pandemic. Extended unemployment benefits expired at the end of the July and the extent to which they will be continued is a main sticking point in the talks.
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