Many Black-owned businesses were already in a tough financial spot when the crisis hit, and were less equipped to outlast the prolonged business closures seen in areas with high infection rates, the New York Fed said in a report. "These firms had weaker financial cushions, weaker bank relationships
- Black-owned U.S. businesses have failed at a disproportionately higher rate than those owned by whites during the coronavirus epidemic possibly because they were in poorer financial shape, less prepared to tap federal aid and faced longer closures, the New York Federal Reserve said on Tuesday.
"COVID-19 has exacerbated these issues and businesses in the hardest-hit communities have witnessed huge disparities in access to federal relief funds and a higher rate of business closures." Black businesses were overall less prepared to tap small business aid quickly through the U.S. government's Paycheck Protection Program, which offered loans that could be forgiven, because many did not have strong banking relationships, the report found.
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