{"id":227480,"date":"2021-04-14T21:31:52","date_gmt":"2021-04-14T18:31:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/asian-owned-businesses-hit-hard-by-covid-crisis-report\/"},"modified":"2021-04-14T21:31:52","modified_gmt":"2021-04-14T18:31:52","slug":"asian-owned-businesses-hit-hard-by-covid-crisis-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/asian-owned-businesses-hit-hard-by-covid-crisis-report\/","title":{"rendered":"#Asian-owned businesses hit hard by COVID crisis: report"},"content":{"rendered":"

“#Asian-owned businesses hit hard by COVID crisis: report<\/strong>”<\/p>\n

\n

Asian American business owners have struggled particularly hard during the coronavirus pandemic while also grapp<\/a>ling with fears of increased hate crimes, according to a new report.<\/p>\n

Asian-owned businesses lost a larger chunk of their sales than others during the first wave of COVID-19 lockdowns last year \u2014 and many had trouble accessing government aid meant to keep them afloat, Reuters reported<\/a> Wednesday.<\/p>\n

One JPMorgan Chase Institute report<\/a>, for instance, found that revenues for a typical Asian-owned firm had plummeted by more than 60 percent at the end of March 2020, compared to a roughly 50 percent drop for other businesses.<\/p>\n

The disproportionate blow came despite the fact that just 9 percent of Asian American businesses were financially distressed in the year before the pandemic, about half the rate for black-owned firms, according to the Reuters story citing New York Federal Reserve research.<\/p>\n

Asian businesses suffered in part because they\u2019re concentrated in industries that largely shut down last spring to stem the spread of the virus, such as food services and retail, the news<\/a> agency reported.<\/p>\n

But a lack of banking relationships as well as language barriers made it harder for many Asian entrepreneurs to get help from initiatives such as the Paycheck Protection Program, the report says.<\/p>\n

Making matters worse, Asian people have been targeted by an increase in racist attacks that\u2019s been linked to the pandemic.<\/p>\n

\"A
A man walks through a deserted Chinatown Central Plaza in Los Angeles, one of the largest Asian-American communities in the US.<\/figcaption>
AFP via Getty Images<\/span><\/figcaption><\/figure>\n

The staff at Lam\u2019s Seafood Market, a Vietnamese American-owned grocery store in Seattle, was shaken recently when an Asian American clerk was hit in the face on his way home, according to Reuters.<\/p>\n

While it\u2019s not clear whether the attack was a hate crime, \u201cWe basically tell everyone to make sure you travel<\/a> in pairs as much as you can,\u201d Teizi Mersai, the store\u2019s business operations manager, told the outlet.\n <\/p><\/div>\n

If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

If you want to read more News articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Asian-owned businesses hit hard by COVID crisis: report” Asian American business owners have struggled particularly hard during the coronavirus pandemic while also grappling with fears of increased hate crimes, according to a new report. Asian-owned businesses lost a larger chunk of their sales than others during the first wave of COVID-19 lockdowns last year \u2014…<\/p>\n","protected":false},"author":1,"featured_media":227481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/04\/asian-american-businesses-suffer.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[101991,71239,1545,5069,82897,71083],"class_list":["post-227480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-4-14-21","tag-asian-american","tag-coronavirus","tag-economy","tag-paycheck-protection-program","tag-small-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/227480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=227480"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/227480\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/227481"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=227480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=227480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=227480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}