National survey captures concerns about the survival of black-owned businesses during the pandemic

According to a recent study done by a global banking investment firm, many black owned businesses are concerned about being able to survive the pandemic.

A survey by Goldman Sachs showed that 43% of black owned businesses surveyed shared that their businesses cash reserves will be depleted by the end of the year if congress chooses not to provide additional funding to small businesses.

Many black owned businesses shared that it is thanks to community support that they are able to remain opened during the pandemic.

J&K Beauty Supply located in Marion opened its doors in the first week of September, and owner Kimberly Burton shared that their opening was delayed due to the pandemic.

“Due to the pandemic, I couldn’t do anything, there was no shipping, they stopped all of that. So, therefore I couldn’t do anything at all. So that stopped a lot of things, but even when we opened the community showed love, it’s still good,” said Kimberly Burton, owner of J&K Beauty Supply.

Sharing her biggest concern, as they remain open at this time.

“My only concern is hoping they won’t shut back down, that’s my only my main concern”, said Burton.

Dennis Huggins, owner of Mom and Pop’s Soul Food Restaurant in Meridian shared that his business had to be closed for an extended period of time during the month of July when he fell ill from COVID-19, and that although his business received PPP loans , it was thanks to a go fund me and the support of the community his restaurant remains open.

“I’m telling you, it’s only by the grace of God that we are still open. That’s the only thing that we can say,” said Huggins.

He also offered advice to small business owners trying to survive.

“You know, if you need help, you need help, just don’t be embarrassed, because not only is it happening here in Meridian, it’s happening all over the country for minorities,” said Huggins.

U.S. Legislators are still trying to come to an agreement on the next possible economic stimulus package that would potentially aid small businesses and individuals.