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August 6, 2020

Fed study shows pandemic hit Black-owned firms hard

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON — Black-owned businesses have been almost twice as likely to fail as businesses overall during the current pandemic, according to a study released Tuesday by the Federal Reserve Bank of New York.

The study determined that a major reason for this was that Black-owned businesses are heavily concentrated in cities that have been hardest hit by the virus and they entered the pandemic with weaker financial conditions.


 
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