A new report from the JPMorgan Chase Institute found that while Black-owned businesses are facing the biggest drops in cash reserves due to the COVID-19 pandemic, Asian-owned businesses are close behind, with cash balances down 22% in April and revenue down more than 60%.
“Asian-owned businesses — their cash balances were also down more than 20%,” said Chi Mac, the small business research lead at the JPMorgan Chase Institute.
“I found, for example, in April that 26% of Asian-owned businesses shut down during that month,” Fairlie said.
But he acknowledges that in the early days, racism played a role for some Asian-owned businesses as well.
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