Black business registrations in several states have shown that the number has \u201cmore than doubled\u201d according to analysis by the New York Times.<\/p>\n
In the month after the CARES Act was passed by Congress in March 2020, business registrations increased by 60%. Though the economic downturn caused by the COVID-19 pandemic is likely to damage entrepreneurship and put many small businesses in a financial hole or out of business entirely, there are signs that many have turned to creating new businesses after losing employment elsewhere.<\/p>\n
Andre Perry, a Brookings Institution fellow, told the New York Times that part of the surge in Black business registrations could be a signal of personal economic trouble.<\/p>\n
\u201cThis is more about survival than it is about wealth creation. There\u2019s lots of people who have lost their jobs and lost their businesses. People are starting to realize that side hustles are businesses,\u201d Perry said.<\/p>\n
Additionally, Google Trends data reported an \u201cuptick in searches related to Black-owned businesses\u201d in June of last year during the start of the pandemic. According to the data, searches for \u201cHow to find Black owned businesses in your area\u201d saw a 300% spike; searches for \u201cBlack owned restaurants near me\u201d tripled.<\/p>\n
The app EatOkra, a guide to Black-owned restaurants, witnessed a 4,450% increase in downloads of new users in May 2020. Many believe that activism after the murder of George Floyd coupled with the pandemic spurred many to think about economic activism and Black-owned businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"
Black business registrations in several states have shown that the number has \u201cmore than doubled\u201d according to analysis by the New York Times. In the month after the CARES Act was passed by Congress in March 2020, business registrations increased by 60%. Though the economic downturn caused by the COVID-19 pandemic is likely to damage Read More…<\/a><\/p>\n","protected":false},"author":1,"featured_media":2482,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_links_to":"","_links_to_target":""},"categories":[3,1],"tags":[972],"_links":{"self":[{"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/posts\/2479"}],"collection":[{"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/comments?post=2479"}],"version-history":[{"count":3,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/posts\/2479\/revisions"}],"predecessor-version":[{"id":2484,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/posts\/2479\/revisions\/2484"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/media\/2482"}],"wp:attachment":[{"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/media?parent=2479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/categories?post=2479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/tags?post=2479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}