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Demographics of Business Owners in Hardest-Hit Industries During Coronavirus Pandemic

Young entrepreneurs are disproportionately suffering in the U.S. industries hardest hit by the coronavirus pandemic. LendingTree researchers found that 45% of businesses with owners younger than 25 years old are in industries with unemployment rates higher than the national average of 13% in May. That figure jumps to nearly 47% for business owners between the ages of 25 and 34. These hardest-hit sectors make up 40% of all businesses in the U.S. Many of these nonessential businesses closed their doors at some point in recent months to obey government mandates meant to limit the spread of the coronavirus. Most are reopening — as of this writing, about eight in 10 businesses in the U.S. are fully or partially open as local authorities ease restrictions. Key findings Young business owners operate in high-risk industries Asian business owners vulnerable to pandemic effects Methodology Key findings Across every industry, the majority of business owners are white and male — 85% of business...

Jul 29, 2020

Just 5% of Small Business Owners Have Received PPP Money

Small business owners are anxiously waiting to see if Congress will inject more money into the Paycheck Protection Program (PPP), the federal rescue program that failed to reach the vast majority of small businesses it was intended to help the first time around. A new LendingTree survey found that just 5% of business owners have received a PPP loan, though 60% had applied for funding. Survey respondents were eager to submit their applications once the program opened, but many struggled to communicate with bankers as the entrepreneurs’ financial situations further deteriorated — and then the $349 billion emergency funding ran out of funds after 13 days. Many of the 1,260 small business owners surveyed expressed their frustrations. “I’ve kept my employees on payroll even though we closed because it is the right thing to do,” one respondent said. “Unemployment in our state is only $275 per month. They can’t live on that. Now, I’m in limbo waiting for the PPP money. I have no idea when,...

Apr 22, 2020

18-Year-Old Black Entrepreneur Launches Hand Sanitizer Company

Eighteen-year-old Kehlin “King” Farooq II had one wish for his birthday — to supply the masses with hand sanitizer. The aspiring engineer is the founder and creator of GermAtize , a hand sanitizer company located in Houston, TX. Farooq’s idea to create a hand sanitizer came about in 2019 after his mother, a pharmacist, began to have early conversations with her colleagues about the coronavirus. Not even a full calendar year later, COVID-19 has made its way to the United States, leading stores to quickly sell out of much-needed necessities, including hand sanitizer. Observing the lack of hand sanitizer, Farooq approached his dad and explained his idea of developing his own hand sanitizer product. His father reached out to a friend who owns a laboratory, and the rest is history. GermAtize is now a reality. According to its website, GermAtize is a hand sanitizer and soap that kills 99.9 percent of germs in 30 seconds or less. Check out how Farooq’s father took to his Twitter to spread...

Apr 17, 2020

71% of Small Business Owners Fear They’ll Never Recover From Pandemic Losses

Despite the news that loan relief with extremely low interest is on the way, it’s unclear if it’ll be enough to save entrepreneurs hit hard by COVID-19. A new LendingTree survey of more than 1,200 small business owners found that 71% worry they’ll never recover from the downturn. Business owners are holding on by a thread as more governors join the long list of states closing non-essential businesses. Nearly half of small business owners have temporarily closed their businesses, our survey found. They have also laid off workers or reduced their hours and sought funding, often unsuccessfully, to stay afloat. Key findings 71% of small business owners are worried their business will never recoup the losses associated with the COVID-19 pandemic. Business owners in the accommodation/food service and retail trade sectors are among the most likely to fear for their company’s future. Nearly half — 47% — of small business owners surveyed have taken on debt to keep their business afloat...

Apr 15, 2020