- June 12, 2021
- Posted by: Stratford Team
- Category: Business
Amber Jackson, founder of the Black Leaf Tea and Culture Shop in Warren, R.I.Black Leaf Tea and Culture Shop/Handout photo
The evolving effects from the pandemic have negatively impacted a number of industries. But according to a recent National Bureau of Economic Research report exposed how Black, Indigenous and People of Color-owned (BIPOC) businesses have felt the brunt more than most.
In the beginning days of the pandemic, the number of national Black business owners shrunk from 1.1 million in February 2020 to just 640,000 in April, which is a 41 percent loss in the matter of two months. The number of Latinx business owners dropped from 2.1 million to 1.4 million— shrinking 32 percent in that same time frame.
And the situation hasn’t seen the improvements that economists were hoping for. A recent H&R Block survey of about 3,000 small businesses found that 53 percent of Black business owners saw their revenues drop by half compared to 37 percent of…
