Black, Latino, Asian-owned businesses hit harder by pandemic
August 5, 2020
According to a study released by the Federal Reserve Bank of New York, minority-owned businesses as a whole are taking a tougher pounding from the COVID-19 pandemic than white-owned companies. Nationwide, the report estimates that 41 percent of Black-owned businesses had to close down between February and April, about 32 percent of businesses owned by Latinos and 26 percent of Asian businesses vs. roughly 17 percent of white-owned businesses during the same period. The authors attributed the disparity to lack of financial savings, less access to capital, including federal PPP loans, and funding gaps that existed prior to the pandemic.
Recent News
Live Nation Addresses Unlikely Breakup Amid Looming DOJ Lawsuit
In a recent discourse addressing the specter of a Department of Justice (DOJ) lawsuit, Live Nation’s chief financial officer and president, Joe Berchtold, offered insights into the impending legal predicament.
Instacart Partners With Uber Eats for Restaurant Delivery
The two delivery giants are working together to serve customers.
California Bill Could Force Stores To Close Self-Checkouts
A California bill could change regulations on self-checkouts in stores. Some businesses may have to discontinue this service altogether.
Apple Is Developing Chips for AI Software in Data Centers, According to Reports
According to a report from the Wall Street Journal, Apple has been working on chips designed to power artificial intelligence software within data centers.