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Black Business Owners’ Ranks Collapse by 41% in U.S. Lockdowns

The Covid-19 economic shutdown has hurt black-owned businesses the most across racial and ethnic groups in the U.S., with a devastating 41% decline in black-owned businesses, according to Bloomberg. U.S. Black Chambers (USBC) President Ron Busby released the following statement:

“The collapse of 440,000 black-owned businesses is a devastating blow to the Black community, and a substantial loss for the entire economy.

The loss of 440,000 black-owned businesses coupled with 16.8% unemployment of Black Americans is a state of emergency. The President of the United States has blatantly made clear his stance on black lives.

We’re calling on Congress and our corporate partners to do their part in lifting the tide for all Americans, starting with Black Americans, those impacted the most by the pandemic, civil injustices, economic injustices, VC discrimination, lending discrimination, and above all, racism; the culprit behind all injustices facing Black Americans.

On Thursday, May 14, the Joint Center hosted an online briefing on fair and equal access to capital for Black businesses through the CARES Act’s Paycheck Protection Program (PPP). The briefing addressed the structural inequities Black businesses face and explored how future stimulus proposals can best help Black businesses thrive in the post-COVID-19 economy. The expert panelists included: – U.S. Black Chambers President & CEO Ron Busby – Association for Enterprise Opportunity President & CEO Connie Evans – Former SBA Deputy Administrator Marie Johns – TV One Chairman and CEO & Radio One President Alfred Liggins – Opportunity Finance Network President & CEO Lisa Mensah – Joint Center Vice President Jessica Fulton (moderator)SHOW LESS

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