Type of Content: News

Subtype: Website Post

Resource Title: COVID-19's Personal Finance Toll on Older Entrepreneurs

Publication Title: Next Avenue

Publish Date: April 19, 2021

The Federal Reserve Bank of New York and AARP recently published a study on this, “The State of the Older Entrepreneur During COVID-19,” and what they found wasn’t pretty.

During Spring 2020, at the peak of the first wave of COVID-19, more than 20% of small businesses closed, according to the report. But business closings were highest among business owners 45 and older (one in four). Although the total number of small businesses has recovered, the number of firms now owned by people 45+ is down 9%; by contrast, there’s been a decline of just 2% for firms with owners under 45.

COVID-19’s Personal Finance Toll on Older Entrepreneurs

Resource URL: https://bit.ly/2Poc3Lo