REUTERS/Yuri Gripas
- Economists are worried that economic damage from the pandemic for Black small businesses may be permanent.
- Black-owned small businesses in the US are highly concentrated in retail, restaurants, and other service industries most affected by shutdowns and social distancing.
- The number of Black business owners dropped by 41% between February and April.
- The number of white business owners dropped by 17%.
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WASHINGTON/NEW YORK (Reuters) - After 15 years working as a hairstylist in other people's salons, Gary Connell opened his "Healthy Hair" studio in Montgomery County, Maryland in early March, sinking his savings into a two-chair shop in a busy mall.
It hadn't even been up and running for a full month when stay-at-home orders were issued because of the novel coronavirus, shutting down the mall.
See the rest of the story at Business Insider
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See Also:
- Macron announces restaurants and bars to reopen in France on Monday, sooner than anticipated
- Fauci says normality could only come back 'within a year or so' as the country faces a spike in coronavirus infections
- 'The effect is greatest when 100% of the public wear face masks': Growing body of research shows the role of face coverings in curbing the spread of the coronavirus
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