- 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.
Black-everything is more vulnerable to everything related to coronavirus, and that exposes the injustices & unfairness against blacks that is so prevalent in this country. They unlike their white counterparts have scarcely received any assistance from Fed Govt. Sickening.
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