MyHomeInc Resource Guide

able to rehire staff members that were NCKF QHH FWG VQ VJG ƂPCPEKCN UVTGUUGU QH VJG pandemic. For those that were not able to bring on their full staff, the increase in revenue went to paying all or portions of their building leases or purchasing prod uct resources to keep up with the sudden surge in customer support. While customer contributions were soaring during this period, governmental assistance was at a low. As access to busi ness funding has been historically more FKHƂEWNV HQT $NCEM DWUKPGUUGU VQ CEJKGXG than their white counterparts, receiving federal relief assistance during the pan demic was also a struggle. With the distri bution of the Paycheck Protection Pro gram (PPP), only 20% of these loans were allocated to areas in the country with a lower proportion of Black businesses. The Small Business Majority group reported that 23% of Black owners who did not receive a PPP loan were told their appli cations to receive the loan were denied, whereas only 9% of white owners from the survey were denied funding. Buyers showed up virtually in droves to support Black businesses in whatever ways were feasible. Though federal support was generally lacking for these minority businesses, the strides of the business owners con tinued. Black people who still had their jobs during the pandemic expanded their work hours to create businesses they ran in their time outside of their full-time jobs. Social media accounts, company websites and blogs dedicated pages of their platforms to creating informational EQPVGPV URGEKƂECNN[ HQT $NCEM DWUKPGUU owners. The momentum from the busi ness support of 2020 paired with the growth of Black ownership generated a continued increase in the interest and founding of Black-owned businesses that were started with the hope of leading generational wealth and providing inde RGPFGPEG HTQO DKCUGF ƂPCPEKCN U[UVGOU

During this time, however, there was a surge of Black entrepreneurship and pro motion of these businesses that served as additional sources of income for the minority group. In 2020, events around racial unrest led to heightened conversations around how to support independence and pros perity among Black people. At a time YJGP LQDU CPF ƂPCPEGU YGTG CV C URQV QH turmoil for many people, supporting Af TKECP #OGTKECPU ƂPCPEKCNN[ DGECOG C HQ cal point. Buying from Black businesses was the most direct way to accomplish this and served as a way to increase wealth distribution among the communi ty. It would also be an avenue to gradu ally close the Black-white wealth gap. In June, many owners felt the surge of customers supporting their business es. Many saw double, sometimes triple, their monthly earnings in the span of weeks. Customers slashed their frequent allegiance to large companies like Ama zon, Target, and mall-based stores and redirected their attention to the local mi nority shops trying to keep their doors open. Because many people were tighten ing their wallets after experiencing the economic downturn from the pandemic, already established businesses encoun VGTGF FKHƂEWNVKGU KP OCKPVCKPKPI C EQP sistent customer base. However, buyers showed up virtually in droves to support Black businesses in whatever ways were feasible. Hashtags like “#Blackbusiness,” #Blackowned,” and “#Buyblack” were trending on social media platforms as users encouraged supporting local busi nesses and purchasing from Black-owned companies. Facebook donated $40 mil lion in grants to small Black businesses across the country, and Yelp reported a 617% increase in reviews containing phrases like “black-owned.” As a result of these actions focused QP ƂPCPEKCNN[ CUUKUVKPI VJGUG DWUKPGUU es, Black companies saw an exponential climb in customer engagement, height ened brand awareness and press cover age along with their increase in service requests and product orders. Many were