VC investor Arlan Hamilton and Gusto COO Lexi Reese detail alternative ways to support businesses owned by women and people of color.
COVID-19 has exposed new depths of economic inequality in America for both employees and small businesses. Today, the unemployment rate is 18% higher for black workers and 33% higher for Latinx workers compared to their white counterparts. Fifty-five percent of the jobs lost in April were held by women, and women’s unemployment rate is 20% higher compared to men. This disparity also extends to businesses. Those owned by underrepresented groups or that serve lower-income areas have been hit the hardest.
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