Skip to content

Read Full Article Here:

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.

Related StoriesCOVID-19 Economy FAQs It’s still the question on everyone’s minds: What’s the latest on the extra COVID-19 unemployment benefits?

No comment yet, add your voice below!

Add a Comment

Your email address will not be published. Required fields are marked *

Related Articles