![]() ![]() According to the Federal Reserve, the typical Black American family has eight times less wealth than a white family. The events of this year are emblematic of long-standing inequities and are rooted in a long history of systemic discrimination. 4Īlysia Snell et al., “ Small business owner survey: Findings based on a national survey of small business owners,” The Main Street Alliance and Color of Change, September 2020,. ![]() The losses are likely to grow: in September, nearly half of Black business owners said that without federal support, they would only be able to remain in business for another six months. Robert Fairlie, The impact of COVID-19 on small business owners: Evidence of early-stage losses from the April 2020 current population survey, University of California at Santa Cruz and National Bureau of Economic Research working paper, number 27309, June 2020,. Over those three months, the number of Black business owners dropped by a staggering 440,000. The Federal Reserve Bank of New York found that more than 40 percent of Black-owned businesses in the United States closed between February and April 2020, versus about 17 percent of white-owned businesses. “ Employment status of the civilian population by race, sex, and age,” US Bureau of Labor Statistics, November 2020, bls.gov. As of October, the unemployment rate for Black Americans stood at nearly 11 percent, versus 6 percent for white Americans. The economic burden of the pandemic has also fallen more heavily on Black workers and Black business owners. “ The Color of Coronavirus: COVID-19 Deaths by Race and Ethnicity in the U.S.,” APM Research Lab, November 2020,. The disparity is profound: had Black Americans died of COVID-19 at the same rate as white Americans, more than 22,000 Black Americans would still be alive today. According to the American Public Media Research Lab, the novel coronavirus mortality rate for Black Americans is at least double that of white Americans. 2020 saw the murders of George Floyd, Breonna Taylor, and countless others at the hands of police, and the deaths of more than 46,000 Black Americans from COVID-19. Those lost lives are disproportionately Black lives. First, lives have been lost-around the world, and in the United States in particular. ![]() Financial institutions were responsible for most of this commitment, representing nearly 90 percent of total commitments made in the last year.Ģ020 has been a year of losses. Much of these funds are being committed to providing affordable housing, lending in low- and middle-income and minority communities, and community development. Combined with our earlier estimate of $66 billion, we found that companies have dedicated $200 billion to increase efforts toward racial justice since the murder of George Floyd on May 25, 2020. All in all, we found that during that time period, companies committed nearly $134 billion. To see how companies continued their commitments below in 2021, we took an updated look at monetary commitments from November 1, 2020, to May 19, 2021, analyzing the announced financial commitments of more than 1,100 companies and philanthropic institutions. #$200 social security increase in 2021 update#Racial-equity commitments reach $200 billion since George Floyd protests: May 25, 2021, update ![]()
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