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While the Covid pandemic was a major blow for most small businesses, firms owned by people of color were hit hardest, according to a new analysis from the 12 banks of the Federal Reserve. More Videos Pandemic takes devastating toll on Black-owned businesses.

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Among the nearly 10, small businesses they surveyed last fall -- more than six months into the repory -- the minority-led firms reported steeper declines in sales than White-owned businesses.

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They had a harder time accessing capital. Sceeen when they did get funds, they were less likely to receive the full amounts requested. The Fed survey only included businesses with fewer than employees. While the survey isn't based on a random sampling, the analysis weights the results to reflect the full population of small businesses in the United States. Read More.

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And getting help was harder for them. https://digitales.com.au/blog/wp-content/custom/african-slaves-during-the-nineteenth-century/effects-of-reconstruction-on-the-south.php the small businesses surveyed, White-owned firms were twice as minorit to get fully approved for financing as Black-owned and Latino-owned firms.

The federal Paycheck Protection Programwhich offers forgivable loans to small businesses to make minority report screen and pay some operating expenses, was the most common source of funding sought. Yet the Fed survey results suggest minority owners had more trouble than other applicants in getting the money they needed.

minority report screen

rwport And plenty of minority-owned businesses didn't even apply for a PPP loan. Black leaders want targeted federal funds for Black businesses hit hard by pandemic. The survey found that small businesses that used banks as minority report screen financial service providers were more likely to apply for a PPP loan, but that firms owned by people of color were less likely to use banks than White-owned companies.

minority report screen

The survey minority report screen, for instance, that only six in 10 Black-owned businesses applied for a PPP loan. It should be noted that the survey was taken before the deadline for the latest round of PPP funding was extendedbefore minority report screen was earmarked for minority-led businesses and before rules to qualify for the loans were amended to make them more accessible to microbusinesses and sole proprietors. But even after that, small business advocates say much more needs to happen to better support BIPOC-led businesses.

It's not the easiest program to navigate," said Didier Trinh, government affairs director for the Main Street Alliance. And while improvements to the PPP have been made on behalf of minority-owned businesses, "each time they layer on a change it makes it all the more confusing," Trinh said.]

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