Small Business, Big Losses: The Impact of the Covid Crisis on Asian Small Business in New York City
Asian American small businesses made up 20 percent of New York City’s businesses before the pandemic and were the fastest-growing segment of small businesses in our city. However, they were devastated by the Covid crisis, with over half the owners reporting losses of 75 percent or more in revenue in 2020. Yet, very few of these Asian small businesses received the help they needed from the institutions set up to serve them.