New poll reveals pandemic’s impact on black-owned small businesses – News

  • According to a new survey by change color and Main Street Alliancemany black-owned small businesses are on the brink of extinction, with 46% of respondents already forced to close or planning to close in the next six months.
  • The new national poll polled 600 small business owners representing a range of demographics about the impact of COVID-19 on their businesses as well as their views on federal coronavirus relief measures.
  • A summary of the main takeaways can be found here.



According to the press release issued by the Main Street AllianceThe findings of the new survey reinforce the need for improved and immediate government assistance to save Black small businesses and the communities they support.

“Our new poll emphasizes what so many Black small business owners already know: Unless Congress works quickly to pass new relief legislation and address the racial inequities that exist in current relief measures, a disproportionate number of small black businesses will shut down forever,” said Color of Change President Rashad Robinson. “Small businesses are the lifeblood of our communities. The devastating consequences of these closures will ripple through Black communities and last for generations. Our federal government can’t wait any longer to provide immediate and accessible help to Black small businesses. »

Black-owned businesses not only generate billions of dollars for the economy each year and create thousands of jobs, but also provide critical pathways to upward mobility and independence for black people, generate monetary support for racial justice causes and create physical spaces where employees and community members can engage in meaningful activism.

“As Senate Republicans scramble to push through the installation of a new Supreme Court justice, the stakes right now couldn’t be higher for millions of small businesses and working families across our country. countries that are suffering financial devastation from the ongoing economic impacts of COVID,” said Amanda Ballantyne, Executive Director of Main Street Alliance. “Our survey results are clear on what small business owners think they need to be successful. With the right investments in long-term federal assistance designed to rebuild our struggling small business sector, we can not only stem the tide of economic loss, we can rebuild our economy and put us on the path to a more fair and sustainable where small business owners and workers can thrive. But we don’t have months to wait.

Survey shows that while subsidies are a priority for all business groups, black business owners are more likely to view federal subsidies as a top priority compared to other racial groups, indicating the need for direct subsidies rather than loans as well as measures such as the establishment of PPPs. asides for companies with ten or fewer employees – a category in which an overwhelming majority of black companies fall.


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Methodology:

Lake Research Partners designed and administered this survey which was conducted online nationwide between August 31 and September 16, 2020. The survey reached a total of 600 small business owners with oversamples of 100 small business owners black businesses and 100 Latinx or Asian American or Pacific Islander people. small business owners. The sample was selected from an online panel of small business owners and respondents were selected to be the current owner of a small business in the United States, who operates and makes decisions for the business , operates a for-profit business and employs 0-49 employees including themselves and excluding contractors, with a cap of 25% of respondents who employed 1 person before the pandemic and who currently employ 1. To ensure that data reflects attributes of the actual population of small business owners in the United States, the core sample was weighted by gender, region, age, race, and number of employees before the COVID-19 pandemic. The sample of black small business owners was weighted by gender and age. The sample of Latino and Asian Pacific Islander small business owners was weighted by gender, region, race, and number of employees prior to the COVID-19 pandemic. The overall margin of error for the entire sample is +/- 4.0.

About Change Color:

Color Of Change is the nation’s largest online racial justice organization. We help people respond effectively to injustice in the world around us. As a national online force with more than 7 million members, we inspire decision makers in business and government to create a more humane and less hostile world for black people in America.

About Main Street Alliance:

The Main Street Alliance is a national network of small business coalitions working to give a new voice to small business on important public policy issues. Main Street Alliance members work across the country to develop policies that work for business owners, their employees and the communities they serve.

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Originally posted on modern living room

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