The coronavirus pandemic has had a devastating effect on Black small business owners. An analysis by the National Bureau of Economic Research found that the number of active Black business owners in the U.S. dropped by 41% from February to April 2020.
That figure is nearly double the national average of 22%.
By comparison, the number of Asian small business owners dropped by 26% and Latino by 32%.
While those numbers are surely devastating, there is a ray of hope in a recent study published by Yelp. From May 25 to July 10, 2020 there was a historic surge in interest Black-owned businesses on the site.
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