Heard on the Street – here’s what we were reading last week:
Businesses owned by women and minorities have grown. Will COVID-19 undo that?: Structural exclusion that limits entrepreneurship is no less insidious than COVID-19’s impact on small businesses, but because it is already a status quo that’s been built up over decades, there is not the same urgency to address it—even if closing these disparities would result in millions of new small businesses.
Be Fair to African-American Small Business: Gary Cunningham, President and CEO of Prosperity Now, shares that as a black CEO of a nonprofit dedicated to prosperity for all Americans, he’s concerned that the Cares Act orphans most black-owned businesses from small-business loans, particularly in neighborhoods that need these businesses to shore them up.
Banks Gave Richest Clients ‘Concierge Treatment’ for Pandemic Aid: Some businesses seeking coronavirus loans got to avoid flaky online portals or backed-up queues. Many other small businesses couldn’t get their loan requests submitted before the money dried up.
New Report: The Impact of COVID-19 on Small Businesses: Last week, Main Street America conducted an online survey to assess the impact of the COVID-19 on the approximately 300,000 small businesses across the network. Specifically, this survey was designed to help us understand small businesses’ ability to withstand what may be several months of suppressed revenue and what kinds of support programs will have the most impact.