New research from Advocacy indicates that the COVID-19 pandemic led to greater earnings losses for business owners of color than white business owners. Black business owners suffered the largest losses. Both Latinx and Asian business owners also had higher losses on average, suggesting widening inequality. The analysis shows that industry and geographic concentrations placed minority-owned businesses at a higher risk of experiencing disproportionate business earnings losses. The report provides new evidence of how the pandemic affected different business owners and insight into small business challenges for weathering future crises.