Minneapolis Fed finds small businesses take deepest cuts to sales from pandemic shutdowns
The pandemic has dealt a particularly large blow to smaller businesses, to women and minority-owned businesses, and to sectors such as entertainment, lodging and retail.Those are some of the findings of a May survey of nearly 1,100 businesses across Minnesota and in neighboring states conducted by the Federal Reserve Bank of Minneapolis.“The main takeaway is that COVID effects have been very wide and very deep and negative, but there’s also variation across those groups,” Ron Wirtz, regional outreach director, said during a webinar Tuesday on the impact of the pandemic on the economy.He noted ...
Star Tribune (Minneapolis)
Black businesses largely miss out on opportunity zone money
President Donald Trump says the opportunity zone tax break he signed into law in 2017 has created “tens of thousands of jobs” and is helping minority communities and Black business owners. In a tweet earlier this month, he pointed to opportunity zones as proof he’d done more for the Black community “than any President since Abraham Lincoln.”There’s no way to prove that the tax break for wealthy investors who buy a stake in a business or property in the zones has created jobs or helped minority business owners. The federal government doesn’t collect information on projects attracting investment...