The Impact of Covid-19 on Small Business Owners: Evidence of Early Stage Losses from the April 2020 Current Population Survey
. Immigrant-owned businesses dropped by 36%, Hispanic owned businesses by 32%, Asian-owned businesses by 26%, and women-owned businesses by 25%. White-owned businesses fell only 17%. The study didn't analyze minority-women-owned businesses. However, because minority-women-owned businesses are in the sectors that were most impacted by lock-down orders—personal care, retail, and restaurants—and their businesses tend to be smaller than men’s, their numbers may have shrunk even more.
With Covid-19 cases surging throughout the United States, and looming lock downs, even if only partial, will continue to shock the economy in waves. The pandemic will have severe consequences on small businesses, especially those owned by women of color.There are encouraging signs that federal, state, and local governments, as well as large corporations are helping small businesses recover. They have rallied to support small businesses by providing grants, forgivable loans, and low-cost loans.
Entrepreneurial Ecosystem Conditions and Gendered National-Level Entrepreneurial Activity: a 14-year panel study of GEMwhen there is supportive government policy towards entrepreneurship, minimal commercial and legal infrastructure, and a normative culture that supports entrepreneurship. According to GEM, the United States is weakest at:The presence and quality of programs directly assisting small businesses at all levels of government .
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