Community-Based Economics is an economic system that supports local economies. The COVID 19 pandemic resulted in lockdowns across the country that have resulted in the loss of close to half a million Black-owned businesses Black Businesses Lost .
According to CNBC
- 7.5 million small businesses will shut permanently if business disruption caused by Covid-19 continues unabated, according to a new survey from Main Street America.
- More than 90% of the 5,850 business owners polled have fewer than 20 employees.
- The federal government is trying to limit the toll on business owners via low-interest and forgivable loans.
From the historic $2trillion dollar stimulus package %95 of Black and woman-owned did not receive paycheck protection funds which were intended to keep small businesses afloat instead According to the Seattle Times Publicly traded companies have received more than $1 billion in funds meant for small businesses from the federal government’s economic stimulus package, according to data from securities filings compiled by The Washington Post.
We urge lawmakers to make sure the woman and minority-owned businesses get their fair share of the next stimulus package. We also encourage an approach that will strengthen local economies by investing in small local businesses that need help the most first.