New Study Reveals Ongoing Revenue Woes for Small Businesses, with Black-Owned Businesses Disproportionately Affected from Lin...
February 17 2021 - 8:00AM
According to new data from its ongoing “Small Business Recovery
Series” study, Block Advisors, a team within H&R Block (NYSE:
HRB), reveals nearly half (47%) of small business owners are not
optimistic about their businesses’ success in 2021, with more than
59% reporting less revenue than originally expected in 2020. Black
business owners are experiencing even more prevalent and severe
impacts from the pandemic according to those surveyed.
The study found that more than half of Black-owned small
businesses experienced at least a 50% decrease in revenue during
the pandemic compared to only 37% among white business owners. To
address this disparity and to deliver on its commitment to building
equitable connections within its own communities, H&R Block is
channeling support and resources through Block Advisors to Black
business owners. A new program – which is being piloted with the
Urban League of Greater Kansas City – seeks to work with affiliates
across the country, city by city, to improve financial management
and readiness for small businesses owned by Black people and other
historically underrepresented groups to gain access to capital.
“Clearly there’s a grave need to support small business owners,
especially those hit hardest by the pandemic,” said Ian Hardman,
Vice President and GM of Small Business at H&R Block.
“Black-owned businesses play such an important role in improving
local economies and uplifting communities everywhere, and we’re
committed to helping them survive and thrive.”
Block Advisors is dedicated to meeting the tax, bookkeeping, and
payroll needs of small business owners year-round. Block Advisors
small business certified tax pros can help small businesses not
only manage their taxes, but this year especially, navigate the
complicated tax implications from stimulus aid related to the
pandemic.
As part of its program with the Urban League, Block
Advisors small business certified tax pros will provide free
personalized coaching designed to improve financial management, tax
compliance, and bookkeeping and payroll; ultimately increasing
business owners’ awareness of and confidence when trying to gain
access to capital. The Urban League will also provide free
credit-building services, as needed.
"Black communities revolve around Black-owned businesses,”
National Urban League President Marc H. Morial said. “When they
thrive, Black communities thrive. By offering coaching and
financial counseling to Black business owners, Block Advisors are
helping to create an economy that is equitable, robust and
resilient for all Americans."
As business owners meet with their Block Advisors coaches and
the Urban League, additional free services and connections to
resources will be provided as needed. H&R Block is also
offering micro-grants to program graduates on an as-needed basis to
help business owners bridge to larger and more permanent sources of
capital.
To learn more about Block Advisors and H&R Block’s
year-round support for small businesses, visit blockadvisors.com.
For more information on the Urban League of Greater Kansas City,
visit www.ulkc.org.
Our small business tax professional certification is awarded by
Block Advisors, a part of H&R Block, based upon successful
completion of proprietary training. Our Block Advisors small
business services are available at participating Block Advisors and
H&R Block offices nationwide.
About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires
confidence in its clients and communities everywhere through
global tax preparation, financial
products and small business solutions. The company blends
digital innovation with the human expertise and care of its
associates and franchisees as it helps people get the best outcome
at tax time, and better manage and access their money year-round.
Through Block Advisors and Wave, the company helps
small business owners thrive with disruptive products like Wave
Money, a small business banking and bookkeeping solution, and the
only business bank account to manage bookkeeping automatically. For
more information, visit H&R Block News or
follow @HRBlockNews on Twitter.
About Urban League of Greater Kansas
City The mission of the Urban League of Greater
Kansas City is to enable African Americans and other
disadvantaged populations to secure economic self-reliance, parity,
power, and civil rights. The Urban League provides programs
and services to: ensure that youth are educated and
equipped for economic self-reliance; help adults attain economic
self-sufficiency through jobs, entrepreneurship, and wealth
creation; assist in ensuring access to quality, affordable
healthcare; remove barriers to equal participation in the economic
mainstream; and advocate for racial equity and social
justice.
For further informationInvestor
Relations: Colby Brown |
816-854-4559 |
colby.brown@hrblock.com Media
Relations: Angela Davied |
816-854-5798 | angela.davied@hrblock.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0e3daff3-d879-4c97-bb2c-07482b915ff7
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