A small-business poll paints a very grim outlook for Black-owned businesses, estimating that 60% will close by April 2021 without federal relief.
The poll, conducted by the Main Street Alliance and Color of Change, asked 600 entrepreneurs from different backgrounds how long they believe they can stay open in the current coronavirus economy without federal help.
Just 40% of Black respondents say they can make it past the next six months. Forty-six percent of Asian respondents, 48% of Latinx and 55% of white respondents said they can make it past the next six months.
The two groups say the demise of Black-owned businesses would be devastating for Black communities and the recovery could take decades.
“The devastating consequences of these closures will ripple throughout Black communities and last for generations,” Color of Change President Rashad Robinson said, according to CBS News. “Our federal government can no longer wait to bring immediate, accessible relief to Black small businesses.”
Amanda Ballantyne, Main Street Alliance’s executive director said it’s imperative for Congress to pass the HEROES Act and the legislation should include subsidies to small businesses,…