Small Businesses Owned by Women, People of Color and Immigrants Hit Hardest by COVID-19

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New research from the National Bureau of Economic Research shows that small businesses owned by women, people of color and immigrants have been the most heavily impacted by COVID-19. The study looked at data from the Census Bureau’s Current Population Survey from April and found that between February and April, the number of active business owners in the country fell by 22 percent. Researchers found that the hardest hit small business owners were 40 percent African American, 32 percent Latinx, 26 percent Asian, 36 percent immigrant, and 25 percent female. Researchers explained that these business owners tended to be in industries most impacted by the pandemic, such as construction or hospitality, and therefore suffered from the greatest losses.

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