60% of Black-owned businesses will close by April 2021 without federal relief

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A small-business poll paints a very grim outlook for Black-owned businesses, estimating that 60% will close by April 2021 without federal relief.

The poll, conducted by the Main Street Alliance and Color of Change, asked 600 entrepreneurs from different backgrounds how long they believe they can stay open in the current coronavirus economy without federal help.

Just 40% of Black respondents say they can make it past the next six months. Forty-six percent of Asian respondents, 48% of Latinx and 55% of white respondents said they can make it past the next six months.

The two groups say the demise of Black-owned businesses would be devastating for Black communities and the recovery could take decades.

“The devastating consequences of these closures will ripple throughout Black communities and last for generations,” Color of Change President Rashad Robinson said, according to CBS News. “Our federal government can no longer wait to bring immediate, accessible relief to Black small businesses.”


Amanda Ballantyne, Main Street Alliance’s executive director said it’s imperative for Congress to pass the HEROES Act and the legislation should include subsidies to small businesses, eviction protection, and expanded unemployment insurance.

Ballantyne added Black-owned businesses are in more danger of closing than businesses owned by other races because they were denied funding from the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan.


When the PPP first opened for small businesses to receive funds to make it through the pandemic, public compaines pillaged the program. Shake Shack, Ruth’s Chris Steakhouse, and even the Los Angeles Lakers all took money from the PPP program and were shamed into giving it back, but other public companies kept the money.

Of the Black-owned businesses that received federal funds, many received less money than they applied for, according to Ballantyne.

Others were denied a loan and were given no explanation as to why. Terrika Walker, who owns a residential care facility in Louisiana told CBS she was denied a PPP loan and wasn’t given an explanation until six weeks later.

According to Walker, the bank that accepted her PPP application in May, fired the employee who was looking over her material and her application wasn’t reviewd unti June, but by then the PPP funds were depleted and Walker was forced to lay off five employees.

Research from the University of California at Santa Cruz shows there were more than 1 million Black-owned businesses in the U.S. at the beginning of February. By mid-April, 440,000 Black business owners closed for good, a 41% plunge.

Poll Shows Black-Owned Businesses Will Suffer Without Federal Aid
 
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But some of y’all wanna stay locked down. A country where some businesses are allowed to operate normally (usually corporations) and others are not (usually small businesses) is unjust. These lockdowns aren’t helping with covid and they’re creating a ton of other issues.
 
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Black people are the most affected by lockdowns. Democrats champion lockdowns. They destroy jobs, businesses , and destroy education. Black children are being setback for generations due to this ongoing disruption in education. Black children are already over represented in the special education system--they are missing out on much needed services. Lockdowns are disastrous but people are so fear-driven that they will prefer any kind of slow death as long as it isn't labeled "covid19." RIP middle class black folk and the generational wealth you tried to obtain.
 
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Black people are the most affected by lockdowns. Democrats champion lockdowns. They destroy jobs, businesses , and destroy education. Black children are being setback for generations due to this ongoing disruption in education. Black children are already over represented in the special education system--they are missing out on much needed services. Lockdowns are disastrous but people are so fear-driven that they will prefer any kind of slow death as long as it isn't labeled "covid19." RIP middle class black folk and the generational wealth you tried to obtain.

I’m not a fan of these lockdowns either but black people have taken the brunt of the pandemic. I don’t want anymore struggling black folks in the streets but I also don’t want to bury friends and families.

If we didn’t live in such a thick headed and stupid country, we would be ready for business along with everyone else. You’re over here blaming the democrats but have no heat for the republicans who knew ahead of time about this disease. If they took the precautions of the last administration we wouldn’t be in this dear near depression.
 
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Black people are the most affected by lockdowns. Democrats champion lockdowns. They destroy jobs, businesses , and destroy education. Black children are being setback for generations due to this ongoing disruption in education. Black children are already over represented in the special education system--they are missing out on much needed services. Lockdowns are disastrous but people are so fear-driven that they will prefer any kind of slow death as long as it isn't labeled "covid19." RIP middle class black folk and the generational wealth you tried to obtain.
Continue to ignore the Republicans who continue to keep healthcare a privilege which has has caused Black Americans to bear the brunt of the COVID casualties.
 
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Aggressive capitalism is not built for health crises. Capitalism works well when natural disasters, pandemics, terrorism etc doesn't happen but that is unrealistic, you need safety nets put in place because we are human beings not machines.
 
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Continue to ignore the Republicans who continue to keep healthcare a privilege which has has caused Black Americans to bear the brunt of the COVID casualties.
So ya'll gonna keep ignoring how ya'll fave democrat governors are responsible for the lockdowns that are killing black businesses, black employment, and black educational gains?
 
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This is horrible and incredibly sad. The thing is we're stuck in between a rock and a hard place because of the incompetence of this administration.

The lock downs have obviously caused financial hardship but many of the black people who have died from the virus were essential front line workers who had to go in to work.

The government needs to give these small businesses money to stay afloat. And healthcare is a must.
 
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So ya'll gonna keep ignoring how ya'll fave democrat governors are responsible for the lockdowns that are killing black businesses, black employment, and black educational gains?

You’re ignoring the major reason why all of this shit started in the first place. The republicans didn’t listen to scientists and let COVID run rampant. They are the cause everything else is the symptom.
 
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You’re ignoring the major reason why all of this shit started in the first place. The republicans didn’t listen to scientists and let COVID run rampant. They are the cause everything else is the symptom.
Go back in time. In March your Fav Democrat Govs and Speaker of the House were telling people to go to the Chinese New Year parades, Celebrate St. Patties, not to wear a mask, go on Cruise Ships, Not to panic, "Fear is the Epidemic"-Cuomo. Etc. So who wasn't listening to scientist? Meanwhile Trump was stopping flights from China while Dems were complaining.

That's besides the point. The point is lockdowns do more harm than good. Which is why The Who and many topic scientists are reversing their opinion on them.
Case in point:
Why Victoria's lockdown killed four newborn babies | Daily Mail Online
 
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Really disgusting the number of individuals that scammed the SBA and PPP funding programs this year; and have been living their best lives blowing money fast in Vegas, Miami, and Lenox mall, buying out the stock of Chanel, Louis Vuitton, and Gucci. But true minority business owners who have probably put their blood, sweat, and tears into their businesses probably received nothing from these programs or amounts that were not enough to help keep them afloat smdh, truly despicable.
 
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Really disgusting the number of individuals that scammed the SBA and PPP funding programs this year; and have been living their best lives blowing money fast in Vegas, Miami, and Lenox mall, buying out the stock of Chanel, Louis Vuitton, and Gucci. But true minority business owners who have probably put their blood, sweat, and tears into their businesses probably received nothing from these programs or amounts that were not enough to help keep them afloat smdh, truly despicable.

We ain't gonna do right. When they first passed those loans out, it was gonna be some trouble. I wouldn't be surprised if a few folks are heading to do some time for fraud. COVID and the money done exposed a lot of people this year...
 
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But some of y’all wanna stay locked down. A country where some businesses are allowed to operate normally (usually corporations) and others are not (usually small businesses) is unjust. These lockdowns aren’t helping with covid and they’re creating a ton of other issues.
but some y'all wanna spread this virus and die.
 
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Go back in time. In March your Fav Democrat Govs and Speaker of the House were telling people to go to the Chinese New Year parades, Celebrate St. Patties, not to wear a mask, go on Cruise Ships, Not to panic, "Fear is the Epidemic"-Cuomo. Etc. So who wasn't listening to scientist? Meanwhile Trump was stopping flights from China while Dems were complaining.

That's besides the point. The point is lockdowns do more harm than good. Which is why The Who and many topic scientists are reversing their opinion on them.
Case in point:
Why Victoria's lockdown killed four newborn babies | Daily Mail Online


Go back further in time when trump didn’t make a new pandemic team when the old one disbanded. He called the damn thing a hoax and you got his followers screaming up top their lungs about their freedom being taking away.

If you want more dead black bodies, you’re straight weirdo but this year has been awful for black people. I don’t want to see my people suffer anymore.
Trump disbanded NSC pandemic unit that experts had praised

Trump disbanded NSC pandemic unit that experts had praised
 
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Eh, I voted for Biden 'cause I believe he'll listen to scientists, but I figured the economy would suffer. That's why the attacks on Trump (as far as the economy is concerned) weren't a selling point for me. The virus is still new and not wholly understood. I think it's wishful thinking to believe that if we all follow strict quarantine guidelines for a set amount of time, our old normal will just return. Until a safe vaccine is readily available or we're able to more fully understand the nature of the virus, the economy is going to suffer and debt will increase.

Many of the folks that I grew up with are self-employed/small business owners, but it was always fairly obvious that because of their particular products/services, the economy would have to be damned strong for them to see any kind of traffic.
 
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But some of y’all wanna stay locked down. A country where some businesses are allowed to operate normally (usually corporations) and others are not (usually small businesses) is unjust. These lockdowns aren’t helping with covid and they’re creating a ton of other issues.

You’re right about the injustice; it’s rampant and killing everybody but the super wealthy. This isn’t a lockdown aka public health measure problem, it’s a government problem. The government has enough money to save small businesses, just like it has enough money to send another 2-3 rounds of stimulus checks. Government sending billions to Saudi Arabia and other countries while investing more billions into the military, and we’re supposed to believe they couldn’t bail out all these small businesses?

We are beyond lockdowns now, but had Trump admin allowed USPS to send a mask to every residential address in the US as they planned to, did not politicize mask wearing, and the US govt invested in health care for all, living wages, adequate housing, child care, and actually taxed wealth individuals and corporations, we wouldn’t have the problems we are having.
 
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Goodness. I figured the number would be high when we had to compete for those PPP loans. Members of Congress are the ones who really cashed in big as they were connected to many of the businesses that received the aid.

Lockdown or not, we were screwed from the onset of the pandemic and it’s unfortunate to see it play out this way.
 
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but some y'all wanna spread this virus and die.
Good thing the infection rate is so low most of us will not "spread this virus and die." Bad news is, we are more likely to die from lockdown related excess deaths. Especially those in our age bracket. You hate to see it(if you're not brainwashed into the fear cult).
 

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