RestoreYourEconomy is your resource for up-to-date information related to COVID-19 and its economic impacts. It is managed by the International Economic Development Council (IEDC) with generous support from the U.S. Economic Development Administration and IEDC's Economic Development Research Partners program.
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Businesses owned by entrepreneurs of color have been particularly impacted by declining revenues introduced by COVID-19. Despite government efforts to provide relief, many small businesses have not received the support they need. Fortunately, Community Development Financial Institutions (CDFIs) have helped fill the gaps that traditional financing systems cannot. CDFIs are mission-driven lenders that serve the communities that too often get left behind, including people of color, returning veterans, new citizens, and more.
The 2020 hurricane season in the United States is predicted to be one of the most active in recent history. Twenty named storms and three to six major hurricanes are expected to form in the Atlantic Ocean. Though Tropical Storm Isaias brought only showers to Florida, it is forecasted to move up the East Coast as a category one hurricane. Just as the country attempts to control the pandemic’s escalation, states are faced with hurricane response efforts at the same time.
A recent McKinsey webinar explored how COVID-19 has impacted small businesses. Small to medium-sized businesses make up 99 percent of all firms and employ 47 percent of all private-sector workers. They also create two-thirds of net new jobs.
Before COVID-19, surveys show small businesses were optimistic about the economy. Now, however, almost 80 percent of small business owners are concerned about their firms’ sustainability. With limited liquidity, small businesses – especially those owned by minorities – are more likely to be at risk due to COVID.
On July 15, the Texas Association of Business, Texas Economic Development Council, Texas Chamber of Commerce Executives, North Texas Commission, and other Texas businesses and stakeholders came together to launch the Texas Return to Work Initiative. This effort includes an interactive resource guide and series of employer surveys intended to better understand the impact of COVID-19 on Texas businesses, employees, and economies.