Biz Women, September 14, Without another round of financial assistance, Black business owners facing tough choicesÂ
The pandemic has presented challenges for most business owners, but new research indicates recovery could take longer for Black-owned businesses.
About 4 in 10 Black small business owners who received Paycheck Protection Program loans have had to lay off staff or cut worker pay as that money has run out, Goldman Sachs discovered. By comparison, 32% of all respondents said they had done so.
Although just 16% of all business owners surveyed reported less than one-quarter of their pre-Covid revenues have returned, more Black business owners said this — almost 33%, reports Business Insider.
