Unemployment from the pandemic has more consequences for minorities, experts say

With millions of people out of work, countless businesses are experiencing financial uncertainty. Research reveals this uncertainty is even more acute for minorities.

Data from the U.S. Bureau of Labor Statistics shows that minority groups are more likely to work in low-wage jobs, which are vulnerable to layoffs during the coronavirus pandemic.

Henry McKoy, the director of entrepreneurship at North Carolina Central University School of Business, understands that most of the financial struggles in minority communities existed long before we knew about the coronavirus.

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"There's already economic conditions in the communities of color that create challenges even before the pandemic," McKoy said. "So, essentially what the coronavirus crisis has done is exacerbated those particular issues."

One reason minorities are more vulnerable to the economic consequences of COVID-19 is because of the industries where they typically work, according to McKoy.

"Communities of color tend to be in jobs that pay low wages, lower health benefits and things of that nature, and certainly those are the jobs being highly affected in this current situation: tourism, restaurants, travel," McKoy said.

Federal funding will be crucial in the long term to turn things around, McKoy said. But right now, there are three things families can do to help pay the bills:

"We're all one nation," McKoy said. "We're all one world. But, we certainly have to understand that different parts of the community are impacted in different ways."