NEWS & PRESS
Ways to Support Women-Owned Businesses Impacted by COVID-19
The pandemic impacted businesses of all kinds across the country, but it was particularly stressful for women entrepreneurs. The U.S. lost 140,000 jobs in December 2020, all of which were held by women. On top of that, the pandemic forced many mothers to help their kids with online classes and further highlighted the unequal load of domestic labor that women carry.
Women have been expected to “do it all” over the past few decades, but the pandemic has exposed the systemic barriers in place. For example, women own 31% of small businesses, but their companies were also 1.7 times more likely to close in 2020. Many women were also hesitant to take on debt through paycheck protection program loans in case their businesses went under. This resulted in a “she-cession” of sorts.
I offered suggestions on ways to support women-owned businesses in an article posted on Women2.0.
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