The JP Morgan Chase Institute’s new study shows that African American- and Asian-owned business have been hit hard by the coronavirus pandemic.
Asian-owned businesses have been hit harder by the coronavirus pandemic–revenues have declined by 60 percent from last year.
In March, Asian American businesses were in a relatively strong position, but by April the coronavirus pandemic reared its head as balances declined by 22 percent.
The study also noted African American and Latino businesses were already in a weaker financial position before the pandemic.
While small businesses in Seattle “fared relatively well despite an early cluster of coronavirus cases in the region.”Additionally, the report showed restaurants were hit hardest by the coronavirus pandemic.