Federal Reserve Bank of New York, Double Jeopardy: COVID-19's Concentrated Health and Wealth Effects in Black Communities (August 2020)

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A Federal Reserve Bank of New York brief released August 2020, 'Double Jeopardy: COVID-19's Concentrated Health and Wealth Effects in Black Communities,' by Claire Kramer Mills and Jessica Battisto. The number of active business owners nationally fell by 22 percent from February to April 2020, the largest drop on record, with Black-owned businesses down 41 percent, Latinx 32 percent, Asian 26 percent and white 17 percent. The authors draw on COVID-19 case data, Census business locations, Paycheck Protection Program reach and the Small Business Credit Survey, and find that two-thirds of counties with high levels of Black business activity before the pandemic are in the top 50 COVID-affected areas, and that first-round PPP loans were not correlated with a state's COVID-19 cases; prior banking relationships and community banks' market share better explained who got loans.

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Double Jeopardy: COVID-19’s Concentrated Health and Wealth Effects in Black Communities Released August 2020

DOUBLE JEOPARDY:
COVID-19’S CONCENTRATED
HEALTH AND WEALTH
EFFECTS IN BLACK
COMMUNITIES
By Claire Kramer Mills, Ph.D., Assistant Vice President and Jessica Battisto, Senior Analyst

INTRODUCTION
The COVID-19 pandemic has exposed acute and deep-rooted connections between physical and economic
health. Many of the same places hit hardest by the pandemic are reeling concurrently from the health crisis,
business closures, and job losses. These communities are disproportionately communities of color.1

The effects of the pandemic on small businesses amid forced closings, modified re-openings, and
weakened demand, are well documented. Nationally representative data on small businesses indicate
that the number of active business owners fell by 22 percent from February to April 20202,3—the largest
drop on record. While the overall decline is noteworthy, differences among closure rates across racial
and ethnic groups are even more striking. Black businesses experienced the most acute decline, with
a 41 percent drop.4 Latinx business owners fell by 32 percent and Asian business owners dropped
by 26 percent. In contrast, the number of white business owners fell by 17 percent.5

This brief examines reasons why Black firms have been almost twice as likely to shutter as small firms
overall.6 We draw on epidemiological data on COVID-19 cases, Census data on business locations, data
on the geographic reach of the Paycheck Protection Program (PPP), and data on small firms’ finan-
cial health from the Federal Reserve’s Small Business Credit Survey to examine connections between
COVID-19 incidence, policy interventions, and business survival rates.7 Overall, we find:

• Volumes of COVID-19 cases coincide with Black-owned business locations: two-thirds of counties with
high levels of Black business activity pre-COVID-19 are in the top 50 COVID-affected areas. Data from
counties nationwide show Black-owned firms are more likely to be located in COVID-19 hot spots, where-
as white-owned firms are less likely to be in the most heavily affected areas.

1 See for example: https://www.cdc.gov/coronavirus/2019-ncov/need-extra-precautions/racial-ethnic-minorities.html; https://www.aha.org/
testimony/2020-05-27-testimony-disproportionate-impact-covid-19-communities-color; https://www.mckinsey.com/industries/public-sector/our-
insights/covid-19-investing-in-black-lives-and-livelihoods; https://www.nytimes.com/interactive/2020/07/05/us/coronavirus-latinos-african-
americans-cdc-data.html.
2 Rob Fairlie, 2020. The Impact of Covid-19 on Small Business Owners: Evidence of Early Stage Losses from the April 2020 Current Population Survey.
NBER Working Paper No. 27309. Available at: https://www.nber.org/papers/w27309.
3 Data from the U.S. Census Bureau’s Current Population Survey indicate that the decline was uneven across states, with hardest hit areas like CA
(27% drop), MI (33% drop), NV (35% drop), and NY (36% drop) experiencing steeper declines. In contrast, states like KS (2% drop), ME (2% drop),
and TN (0% change) saw very little change in active business ownership.
4 U.S. black-owned small businesses are highly concentrated in retail, restaurants, and other service industries most affected by shutdowns and social
distancing. See https://www.reuters.com/article/us-usa-economy-blackbusiness/why-some-black-owned-u-s-businesses-are-hardest-hit-by-
coronavirus-shutdowns-idUSKBN23N34A.
5 Rob Fairlie, 2020. The Impact of Covid-19 on Small Business Owners: Evidence of Early Stage Losses from the April 2020 Current Population Survey.
NBER Working Paper No. 27309. Available at: https://www.nber.org/papers/w27309.
6 See https://www.reuters.com/article/us-usa-fed-smallbiz/fed-hoped-to-skirt-a-second-virus-wave-small-businesses-may-sink-in-it-idUSKCN24P139.
Certainly, many closures to date have been temporary and owners may decide to reopen when conditions improve. Nonetheless, differential closure
rates highlight differential vulnerabilities across communities and segments of business owners.
7 We use county-level data when possible, but also examine state and national differences for some measures, such as monthly business closures
and financial health when more granular data are not available.

1
Double Jeopardy: COVID-19’s Concentrated Health and Wealth Effects in Black Communities

• The Paycheck Protection Program, the federal government’s signature relief program for small busi-
nesses, has left significant coverage gaps: these loans reached only 20% of eligible firms in states with
the highest densities of Black-owned firms, and in counties with the densest Black-owned business
activity, coverage rates were typically lower than 20%.8,9

• Weaker cash positions, weaker bank relationships, and preexisting funding gaps left Black firms with
little cushion entering the crisis: even the healthiest Black firms were financially disadvantaged at the
onset of COVID-19.

BLACK BUSINESS ACTIVITY IS GEOGRAPHICALLY CONCENTRATED
Black business activity is geographically concentrated in the U.S. and is correlated with Black population
density.10 Research shows that Black populations are typically clustered in metropolitan hubs11 and the
number of cities that are majority-Black has grown over the past decade.12 Forty percent of receipts from
Black-owned businesses are concentrated in just 30 counties, roughly one percent of all counties in
the country. Examining the same 30 counties,13 we find that roughly two-thirds (19 of 30) are areas with
the highest numbers of COVID-19 cases.14 Given the high geographic concentration of firm activity
and the Black population in general, business disruptions in these particular places can have outsized
effects on African American well-being at large.15

COVID-19 CASES COINCIDE WITH BLACK BUSINESS LOCATIONS
A broader analysis of counties across the United States shows a correlation between Black business
density and COVID-19 incidence. Figure 1 displays the share of businesses in a county that are Black-
owned and COVID-19 cases per 1,000 residents through the end of June. There is a positive relationship
between COVID incidence and the share of a county’s businesses that are Black-owned, an indication
that areas with higher concentrations of Black businesses are more likely to be facing larger direct
(longer forced closures, COVID-19 symptoms) and indirect (social distancing, fewer customers) effects
of the pandemic.16

8 Anneliese Lederer and Sara Oros, 2020. Lending Discrimination within the Paycheck Protection Program. National Community Reinvestment
Coalition. Available at: https://www.ncrc.org/lending-discrimination-within-the-paycheck-protection-program/.
9 This figure is consistent with testimony from Ron Busby, President of the U.S. Black Chamber of Commerce, who reported that 70% of his members
who applied for PPP loans were denied. See https://www.sbc.senate.gov/public/_cache/files/c/a/caab6b6f-cbe1-44c0-b804-21a3158c1d9b/
5293D75005E736363CB2A4D75DF67335.busby-testimony.pdf.
10 The correlation coefficient between the share of a county’s population that is Black and the share of a county’s businesses that are Black-owned
is 0.94. (Sources: U.S. Census Bureau, 2014-2018 American Community Survey & 2012 Survey of Business Owners.) While the total number
of employer firms grew between 2012 and 2017 from 5.4 million to 5.7 million, the share of Black-owned employer firms rose only marginally from
2.0% to 2.2%. (Sources: U.S. Census Bureau, 2012 Survey of Business Owners & 2017 Annual Business Survey.)
11 https://usa.ipums.org/usa/resources/voliii/pubdocs/2010/2010%20Census%20Briefs/c2010br-06.pdf (See Figures 6 & 7).
12 David Harshbarger and Andre M. Perry, 2019. The Rise of Black-Majority Cities. The Brookings Institute. Available at: https://www.brookings.edu/
research/the-rise-of-black-majority-cities/.
13 U.S. Census Bureau, 2012 Survey of Business Owners.
14 John’s Hopkins University Coronavirus Resource Center, Top 50 Confirmed Cases by County (updated July 5 2020).
15 The U.S. unemployment rate for May 2020 was 13.3%. Among the total labor force in the 30 counties that account for 40% of all Black business
receipts, the unemployment rate was 15.7%. Source: Bureau of Labor Statistics: Labor force data by county, not seasonally adjusted, April 2019-May
2020 (preliminary; published June 26, 2020).
16 The correlation coefficient for this relationship is 0.30.

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Double Jeopardy: COVID-19’s Concentrated Health and Wealth Effects in Black Communities

FIGURE 1 COVID-19 INCIDENCE VERSUS BLACK-OWNED FIRM SHARE FOR U.S. COUNTIES

180%

Conﬁrmed Covid Cases per
140%

100%

1,000 Residents (as of 30 June)
60%

20%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Share of Firms that are Black-Owned

Sources: U.S. Census Bureau, 2012 Survey of Business Owners; U.S. Census Bureau 2014-2018 American Community Survey; USA Facts: Known Cases
(https://usafacts.org/visualizations/coronavirus-covid-19-spread-map/; updated 26 July 2020)

To probe whether there might be a general connection between business activity and COVID-19 cases
that is not specific to Black businesses, we also plot white business density and COVID incidence in
Figure 2. The relationship is negative (with a correlation coefficient of -0.36), meaning that areas with
higher shares of white-owned firms tend to have lower shares of COVID-19 cases.

FIGURE 2 COVID-19 INCIDENCE VERSUS WHITE-OWNED FIRM SHARE FOR U.S. COUNTIES

180%

Conﬁrmed Covid Cases per
140%

100%

1,000 Residents (as of 30 June)
60%

20%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Share of Firms that are White-Owned

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Double Jeopardy: COVID-19’s Concentrated Health and Wealth Effects in Black Communities

LIMITED PAYCHECK PROTECTION PROGRAM REACH
The geographic concentration of Black-owned firms and heightened incidence of COVID-19 cases in these
same geographies has implications for how relief programs can best reach communities at risk.

PPP Overview
The Paycheck Protection Program (PPP) allocated significant federal funds for temporary relief to small
firms. Importantly, both firms with employees on payroll (employer firms) and those without payroll
employees (nonemployer firms) were eligible, with applications open to employer firms on April 3 and
nonemployer firms on April 10. Inclusion of nonemployer firms in the program was significant, since these
firms represent roughly 80% of all small businesses and 96% of Black-owned businesses.17

The first round of PPP allocated $349 billion for forgivable government-guaranteed loans to small busi-
nesses to cover costs related to payroll, salaries, and benefits, as well as utilities, and mortgage and rent
payments. The program was oversubscribed by April 16. To meet the significant and unmet demand,
lawmakers authorized a second allocation of $310 billion for the program later that month, and the Small
Business Administration (SBA) started approving loans again on April 27.

In total, between April and June, nearly 5,500 lenders distributed $521 billion in the form of 4.9 million
loans with an average loan size of $107,000. According to the SBA’s estimates, these loans went to small
businesses that supported over 51 million jobs nationwide, or 84% of the nation’s small business payroll.18

Recent analysis of the geographic distribution of PPP loans, however, shows that aid has not reached
many if not most of the hardest hit areas.19 For example, research from the New York Fed and the
University of Chicago found that loans from the first round of PPP were not correlated with the number
of COVID-19 cases in a state. Instead, more likely reasons for businesses receiving these loans included
having a prior banking relationship as well as community banks’ market share. A recent paper from
The Brookings Institution also shows significant variation in PPP coverage across metro areas, with
remaining coverage gaps for the hardest hit metros.20

A Deeper Look at PPP Coverage by County
Looking at PPP loan reach through June 2020, we continue to see coverage discrepancies. We examine
county-level counts of PPP loans for a consistent comparison with COVID-19 case counts and Black-
owned business receipts. In the 30 counties we note as particularly vulnerable to the effects of Black
business closures, most counties have seen about 15%-20% of their total businesses receive PPP loans.
Figure 3 shows this data for the top 10 counties by Black business receipt size. The number of firms
(“total firms”) includes both employer firms and nonemployers, since both types of small businesses
were eligible for PPP.

17 U.S. Census Bureau, 2012 Survey of Business Owners.
18 Small Business Administration. Paycheck Protection Program (PPP) Report: Approvals through June 30, 2020. Available at: https://www.sba.gov/
sites/default/files/2020-07/PPP%20Results%20-%20Sunday%20FINAL.pdf.
19 Haoyang Liu and Desi Volker, Liberty Street Economics blog (https://libertystreeteconomics.newyorkfed.org/2020/05/where-have-the-paycheck-
protection-loans-gone-so-far.html); and University of Chicago, BFI Working Paper (https://bfi.uchicago.edu/working-paper/did-the-paycheck-
protection-program-hit-the-target/).
20 Joseph Parilla and Sifan Liu, 2020. Across metro areas, COVID-19 relief loans are helping some places more than others. The Brookings Institution.
Available at: https://www.brookings.edu/blog/the-avenue/2020/07/14/across-metro-areas-covid-19-relief-loans-are-helping-some-places-more-
than-others/.

4
Double Jeopardy: COVID-19’s Concentrated Health and Wealth Effects in Black Communities

The average coverage rates shown in Figure 3 are not too different from the national business coverage
estimate for PPP loans of 17.7%.21 However, there is significant variation across counties. Of note, among
the top 30 counties (measured by Black business receipts) only 7% of firms in Bronx, NY; 11.3% of firms
in Queens, NY; 11.6% of firms in Wayne County, MI; and 12.2% of firms in Prince George’s County, MD
received PPP loans.22

FIGURE 3 PPP LOAN COVERAGE IN TOP 10 U.S. COUNTIES BY BLACK BUSINESS RECEIPTS

Total black- Total number Total number PPP firm
County owned firms of firms of PPP loans coverage
(2012) (2012) (through June 2020) (PPP loans/ Total firms)
Los Angeles County, CA 81,563 1,146,701 176,434 15.4%
Cook County, IL 110,155 549,686 84,256 15.3%
Harris County, TX 71,564 438,793 70,058 16.0%
Prince George's County, MD 45,115 77,204 9,420 12.2%
Wayne County, MI 59,706 151,746 17,610 11.6%
District of Columbia, DC 22,097 63,408 12,484 19.7%
Fairfax County, VA 8,832 115,917 17,921 15.5%
Manhattan, NY 24,859 315,399 61,687 19.6%
Fulton County, GA 44,574 125,745 26,189 20.8%
Miami-Dade County, FL 51,285 468,185 70,447 15.0%

County-level PPP loan counts are calculated based on aggregated zip code data. In cases where zip codes match to multiple counties, the county with
the highest share of that zip code’s business addresses is used.
Sources: U.S. Census Bureau, 2012 Survey of Business Owners; U.S. Department of the Treasury, SBA Paycheck Protection Program Loan Level Data
(through June 2020).

WEAKER FINANCIAL CUSHION AND WEAK LONGER-TERM
BANKING RELATIONSHIPS
The coincidence of these coverage gaps, along with a large sum of remaining PPP dollars—more than
$130 billion remains available through August 8th—presents a puzzle about why Black firms are not
accessing PPP loans.

One consideration is that a large number of Black firms entered the crisis in a weakened position and may
have been reluctant to apply for a PPP loan given uncertainty about future activity. There is some evidence
to suggest this played a role. We find that Black employer firms were less likely to enter the pandemic from
a strong financial position than white-owned firms, with smaller shares of Black firms operating at a profit,
having a high credit score, and using retained business earnings to fund the business.23 As shown in Figure
4, 42% met at least two of these criteria, compared to 73% of white employers.

21 Based on a total of 27,626,360 firms in the U.S. and 4,885,388 PPP loans made through June 2020. For consistency with county-level firm estimates,
the U.S. total firm count is from the 2012 Survey of Business Owners.
22 See Data Appendix for detailed information about PPP loan coverage in the top 30 U.S. counties by Black business receipts.
23 This finding is consistent with recent research. Diana Farrell, Chris Wheat, and Chi Mac. 2020. "Small Business Owner Race, Liquidity, and Survival."
JPMorgan Chase Institute. Available at: https://institute.jpmorganchase.com/institute/research/small-business/report-small-business-owner-race-
liquidity-survival.

5
Double Jeopardy: COVID-19’s Concentrated Health and Wealth Effects in Black Communities

FIGURE 4 FINANCIAL HEALTH SPECTRUM (PRE-PANDEMIC) FOR WHITE- AND BLACK-OWNED EMPLOYER FIRMS

Meet 2 or 3 of below criteria Meet 0 or 1 of below criterion
White-
owned 73% Healthy or stable 27% At risk or distressed
N=3,895

Black-
owned 42% Healthy or stable 58% At risk or distressed
N=833

Criteria:  Profitable  High credit score  Use retained business earnings to fund firm

Source: Federal Reserve Banks, 2019 Small Business Credit Survey.

A second important consideration, however, is that most Black owned firms lack strong bank relationships.
In the latest Report on Employer Firms based on the Fed’s 2019 Small Business Credit Survey, we found
that fewer than 1 in 4 Black-owned employer firms has a recent borrowing relationship with a bank.24 This
number drops to 1 in 10 among Black nonemployer firms, compared with 1 in 4 white-owned nonemploy-
ers.25 It is important to note these funding gaps are not due to differential rates in Black firms applying for
financing. In fact, recent survey evidence indicates that Black-owned firms—both employer and nonemploy-
er—apply for financing at equal or higher rates than white-owned firms but are denied at higher rates.26

Black business owners are also more likely than white owners to report being discouraged, or not applying
for financing because they believe they will be turned down. Among Black employer firms, 37.9% reported
being discouraged, compared to 12.7% of white-owned firms.27 Perceiving a higher probability of funding
success from online lenders, Black-owned employer and nonemployer firms are relatively more likely to
turn to online providers for funding.28 Fintech providers were not initially authorized to lend PPP funds
though they collectively dispersed $4.7 billion in funds through June 30th.29

Firm financial health certainly plays an important role in the ability to access bank financing. However,
racial gaps in banking relationships exist among the financially healthiest firms. When controlling for just
those firms that are healthy or stable, we continue to see sizable differences between Black- and white-
owned firms in bank funding. Even among the firms that should not have major difficulties accessing
credit from a bank (given their business performance and creditworthiness), Black-owned employers
were much less likely to have obtained bank financing in the past five years, instead relying most com-
monly on personal savings or financing from family and friends. Figure 5 shows that 54% of healthy or
stable white employers have an existing banking relationship, compared to 33% of healthy or stable Black
employers. This finding indicates the role that factors beyond firms’ financial health play in accessing
mainstream—and affordable—financing.

24 Federal Reserve Banks, Report on Employer Firms, 2020. Available at: https://www.fedsmallbusiness.org/survey/2020/report-on-employer-firms.
25 Federal Reserve Banks, 2019 Small Business Credit Survey.
26 Among Black-owned firms, 28% of nonemployers and 54% of employers applied for financing in the last 12 months, compared to 45%
of white employer firms and 25% of white nonemployers. See Federal Reserve Banks, Report on Employer Firms, 2020. Available at:
https://www.fedsmallbusiness.org/survey/2020/report-on-employer-firms, and Federal Reserve Banks, Report on Nonemployer Firms, 2019.
Available at: https://www.fedsmallbusiness.org/survey/2019/report-on-non-employer-firms.
27 Federal Reserve Banks, Report on Employer Firms, 2020. Available at: https://www.fedsmallbusiness.org/survey/2020/report-on-employer-firms.
See also: UnidosUS and Color of Change,, 2020. "Federal Stimulus Survey Findings." Prepared by Global Strategy Group. Available at:
https://theblackresponse.org/wp-content/uploads/2020/05/COC-UnidosUS-Abbreviated-Deck-F05.13.20.pdf.
28 Federal Reserve Banks, 2019 Small Business Credit Survey.
29 Fintech lenders, including PayPal, Square, Intuit, and Kabbage were authorized late in the first round of PPP and disbursed $4.7 billion through
June 30. Source: Small Business Administration. Paycheck Protection Program (PPP) Report: Approvals through June 30, 2020. Available at:
https://www.sba.gov/sites/default/files/2020-07/PPP%20Results%20-%20Sunday%20FINAL.pdf.

6
Double Jeopardy: COVID-19’s Concentrated Health and Wealth Effects in Black Communities

FIGURE 5 FUNDING SOURCES USED IN THE PAST 5 YEARS AMONG WHITE- AND BLACK-OWNED STABLE OR
HEALTHY EMPLOYER FIRMS*

54% White-owned
Bank 33% healthy/stable
N=1,820
Personal savings, 53%
friends, or family 50% Non-Hispanic Black
or African American
17% healthy/stable
Online lender 38% N=163
Nonbank finance 10%
company 7%

7%
Credit union 15%
Nonprofit/community- 4%
based funding 7%
Alternative 2%
financial source 4%

1%
CDFI 0%

3%
Other 6%

13%
None 16%

Source: Federal Reserve Banks, 2019 Small Business Credit Survey.
*Note: Data collected prior to CARES Act and do not Include PPP lending.

Black Business Closures
Since the onset of the COVID-19 pandemic, Black business ownership has sharply dropped. Rob Fairlie
at UC Santa Cruz recently estimated the total decline in active business ownership between February
and April among Blacks at 41 percent, twice the drop in active business ownership among whites.30 We
have expanded that analysis for the eight states with the largest numbers of Black owners and found that
despite a leveling off in closure rates in the May data, all but two of these eight states (CA and FL) expe-
rienced a net decline in Black business ownership between February and June. At the state level, the net
numbers of business closures in Ohio and New York are the most acute.

After the declines between February and May, several states saw a resurgence in active Black business
ownership in May and June as phased reopening began. In the last column of Figure 6, we have catego-
rized states with respect to early or later reopening dates. In this small sample, most states with earlier
re-openings (GA, NC, FL) saw increased active Black business ownership, with Texas as an exception.
States with later reopening dates (NY, CA, and IL) saw continued declines in the number of active Black
business owners. It should be noted that several of the earlier openings have now been paused or
reversed due to heightened health concerns.

30 Rob Fairlie, 2020. The Impact of Covid-19 on Small Business Owners: Evidence of Early Stage Losses from the April 2020 Current Population Survey.
NBER Working Paper No. 27309. Available at: https://www.nber.org/papers/w27309.

7
Double Jeopardy: COVID-19’s Concentrated Health and Wealth Effects in Black Communities

FIGURE 6 ACTIVE BLACK BUSINESS OWNERS IN STATES WITH LARGEST COUNTS OF BLACK OWNERS

Active Business Active Business Active Business
Feb to May, May to June,
State Ownership among Ownership among Ownership among
% change % change
Blacks, Feb 2020 Blacks, May 2020 Blacks, June 2020
NY 98,600 43,407 29,479 -56.0% -32.1%***
TX 88,574 84,160 77,580 -5.0% -7.8%*
GA 87,008 68,457 79,563 -21.3% 16.2%*
CA 78,826 89,516 81,837 13.6% -8.6%***
FL 75,859 38,837 100,328 -48.8% 158.3%*
NC 75,664 47,539 62,043 -37.2% 30.5%*
IL 61,201 70,325 57,712 14.9% -17.9%***
22,464
OH 55,175 35,420 -59.3% 57.7%**
(based on Apr)

Source: U.S. Census Bureau, Current Population Survey: February, April, May, June 2020 Monthly Estimates.
*Reopened late April/early May
**Reopened mid-May
***Reopened late May

Conclusion
Recent research has separately shown an alarming incidence of COVID-19 cases among Blacks, racial
disparities in access to federal relief funds, and higher rates of Black business closures. An under-appre-
ciated point, underscored here, is the close ties between the health and economic effects of COVID-19 in
specific communities: counties with the highest concentration of COVID-19 are also the areas with the
highest concentration of Black businesses and networks. Our analysis shows stark PPP coverage gaps
in these hardest hit communities.

These findings have two important implications. To have the greatest impact, the next round of COVID-19
relief should be more targeted geographically to focus on the hardest hit areas and communities that
lack critical infrastructure (hospitals, banks) to ameliorate the gaps. Furthermore, the racial disparities in
bank relationships prior to COVID-19 detailed here raise structural questions about the presence of
banks and access to credit in communities of color, questions that have heightened significance when
banks are relied on to administer federal, taxpayer-supported relief programs, as is the case with PPP.

Claire Kramer Mills, Ph.D., Assistant Vice President
Jessica Battisto, Senior Analyst
Acknowledgments
We thank our New York Fed colleagues, especially Janis Frenchak, Rebecca Landau, Haoyang Liu, Michael Nelson, Edison Reyes,
Javier Silva, and Desi Volker for their comments on this research. This work benefited greatly from input and insights from policy
experts and business leaders, including Ron Busby from the U.S. Black Chambers, Chris Wheat from the JP Morgan Chase Institute,
Felicia Brown and Susan Weinstock from AARP, Melissa Bradley from 1863 Ventures, Donnel Baird, Adenah Bayoh, Eda Henries,
and Javier Piggee.

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