NEW YORK, Oct. 12, 2020 (GLOBE NEWSWIRE) — Before the coronavirus pandemic hit, revenue growth of Latino-owned companies was up 10% over last year, but like most other businesses in America, their fortunes have declined dramatically since March, according to the annual Biz2Credit Latino-Owned Business Study for 2020.
Using February as a baseline, the analysts found that the sales of Latino-owned business dropped 42% in March and April and are down 21% during the 12-month period from Sept. 16, 2019 – Sept. 15, 2020. Even more troubling was the discovery that costs for Latino companies that applied for Paycheck Protection Program (PPP) funding have risen higher than their revenues in the ensuing months.
“Many Latino-owned firms are spending more money than they are generating. Their costs, which now include spending on masks and sanitizing measures, now exceed their revenues,” said Biz2Credit CEO Rohit Arora, one of the nation’s leading experts