Black-Owned Businesses Face Greater Fallout From COVID-19

The video discusses the struggles of small businesses, particularly Black-owned ones, during the COVID-19 pandemic. Batter and Berries, a small business, faces financial challenges despite applying for relief. The pandemic has exacerbated economic disparities, with Black-owned businesses being hit hardest. A McKinsey report highlights that 40% of Black business revenues are in the most affected industries. The first round of stimulus funds has run out, but new relief efforts are underway. Ensuring equitable distribution of these funds is crucial for economic recovery, especially for vulnerable communities.

What financial strategy have the owners of Batter and Berries resorted to in order to keep their business running?

• They have taken out a large bank loan.

• They have started a crowdfunding campaign.

• They have used their personal savings.

• They have sold a part of their business.

Why are Black-owned businesses facing more challenges during the pandemic compared to others?

• A larger portion of their revenues is in the most affected industries.

• They are located in more expensive areas.

• They have more employees to manage.

• They have less access to technology.

What percentage of Black business revenues are concentrated in the hardest-hit industries?

• 20%

• 30%

• 40%

• 50%

What was the amount of the first round of stimulus money set aside for small business loans?

• $249 billion

• $349 billion

• $449 billion

• $549 billion

What is crucial for the economic recovery of Black business owners and workers according to the video?

• Providing free business consultations.

• Reducing taxes for small businesses.

• Ensuring the funding is distributed evenly.

• Increasing the amount of loans available.