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America's Business Comeback

National

Pro Rata

Axios Pro Rata

Illustration of a shaking shopping cart icon with an X as if about to be deleted. 

Shopping centers are where national chains rub elbows with mom and pops.

We kick off our special Axios Re:Cap series by speaking to JPMorgan Chase Institute Co-President Chris Wheat, shopping center landlord Adam Ifshin and several of his tenants in an Allen, Texas property called The Villages, to understand what happened over the past year and where things stand today. 

1. A view from the shopping center

<figure><img alt="Illustration of a shaking shopping cart icon with an X as if about to be deleted. " height="720" id="1c4b2f45-55b7-49c5-9b0a-6db0f761ce67" src="https://images.axios.com/whPXmtzuZycXCtD6XLxvPdbqzak=/2021/06/09/1623261600792.gif" width="1280"/><div></div></figure><p><strong>Shopping centers</strong> are where national chains rub elbows with mom and pops.</p><ul><li>We kick off our special Axios Re:Cap series by speaking to JPMorgan Chase Institute Co-President <strong>Chris Wheat</strong>, shopping center landlord<strong> Adam Ifshin</strong> and several of his tenants in an Allen, Texas property called <strong>The Villages</strong>, to understand what happened over the past year and where things stand today. </li></ul><div><div aria-label="Megaphone Embed"><iframe frameborder="no" height="200" scrolling="no" src="https://playlist.megaphone.fm?e=AXIOS4424767773" width="100%"></iframe></div><div style="display:none"></div></div><span data-ad-status="NO_AD_LENGTH" data-ad-type="midStoryAd"></span>

George Floyd's murder and the surge of support for Black own-small businesses that followed "had an unprecedented impact," according to Shelly Bell, CEO of Black Girl Ventures.

We speak with Bell about what 2020 meant for Black-owned small businesses and where things stand today. 

We also share the first of our conversations with proprietors of some of America's most iconic small businesses, starting with Frank Olivieri of Pat's King of Steaks.

2. Protests and progress for Black-owned small businesses

George Floyd's murder and the surge of support for Black own-small businesses that followed "had an unprecedented impact."

Photo illustration of a protester holding a sign that says, "Black Lives Matter."

Illustration: Sarah Grillo/Axios. Photo: Stanton Sharpe/SOPA Images/LightRocket via Getty Images

<p><strong>George Floyd&#x27;s murder and the surge of support for Black own-small businesses </strong>that followed &quot;had an unprecedented impact,&quot; according to Shelly Bell, CEO of Black Girl Ventures.</p><ul><li>We speak with Bell about what 2020 meant for Black-owned small businesses and where things stand today. </li><li>We also share the first of our conversations with proprietors of some of America&#x27;s most iconic small businesses, starting with Frank Olivieri of Pat&#x27;s King of Steaks.</li></ul><div><div aria-label="Megaphone Embed"><iframe frameborder="no" height="200" scrolling="no" src="https://playlist.megaphone.fm?e=AXIOS8425480750" width="100%"></iframe></div><div style="display:none"></div></div><span data-ad-status="NO_AD_LENGTH" data-ad-type="midStoryAd"></span>

Top stories & latest news on the Federal Reserve, real-time data, plus the biggest shifts happening in the U.S. and global economy.

Economy

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

As the U.S. economy was staring into the pandemic abyss in March 2020, Congress passed a $2.2 trillion stimulus package that included the Paycheck Protection Program (PPP) to quickly get forgivable loans to small businesses, so they could keep workers on payrolls.

We dig into the creation and roll out of the PPP, from the multi-day negotiations and late night phone calls to estimations of how many businesses it helped, with former U.S. Treasury Secretary Steven Mnuchin. 

Plus, a conversation with Dayna Frank, CEO of Minneapolis music club First Ave.

3. Steven Mnuchin on the PPP's creation, controversies and legacy

As the U.S. economy was staring into the pandemic abyss in March 2020, Congress passed a $2.2 trillion stimulus package that included the Paycheck Protection Program.

Illustration of a PPP loan application with a "no stamp" with a dollar sign on it

<p><strong>As the U.S. economy was staring into the pandemic abyss</strong> in March 2020, Congress passed a $2.2 trillion stimulus package that included the Paycheck Protection Program (PPP) to quickly get forgivable loans to small businesses, so they could keep workers on payrolls.</p><ul><li>We dig into the creation and roll out of the PPP, from the multi-day negotiations and late night phone calls to estimations of how many businesses it helped, with former U.S. Treasury Secretary Steven Mnuchin. </li><li>Plus, a conversation with Dayna Frank, CEO of Minneapolis music club First Ave.</li></ul><div><div aria-label="Megaphone Embed"><iframe frameborder="no" height="200" scrolling="no" src="https://playlist.megaphone.fm?e=AXIOS1850024486" width="100%"></iframe></div><div style="display:none"></div></div><span data-ad-status="NO_AD_LENGTH" data-ad-type="midStoryAd"></span>

Podcasts

Buford Highway is a 10-mile stretch near Atlanta that's home to over 1,000 immigrant-owned small businesses. It's a constellation of home-away-from-homes, particularly for Asian and Latino communities.

Dan speaks with Lily Pabian, executive director of the We Love Buford Highway nonprofit, about how the pandemic, the rise in anti-Asian hate crimes and the nearby spa murders impacted Buford Highway's small business community. 

Plus, Dan is joined by Ryan Reese, a fishmonger at Pike Place Market in Seattle.

4. Pandemic challenges for immigrant entrepreneurs

Buford Highway is a 10-mile stretch near Atlanta that's home to over 1,000 immigrant-owned small businesses.

Illustration of hands holding up one hundred dollar bills and a protest sign in support of the AAPI community

<p><strong>Buford Highway is a 10-mile stretch near Atlanta </strong>that&#x27;s home to over 1,000 immigrant-owned small businesses. It&#x27;s a constellation of home-away-from-homes, particularly for Asian and Latino communities.</p><ul><li>Dan speaks with Lily Pabian, executive director of the We Love Buford Highway nonprofit, about how the pandemic, the rise in anti-Asian hate crimes and the nearby spa murders impacted Buford Highway&#x27;s small business community. </li><li>Plus, Dan is joined by Ryan Reese, a fishmonger at Pike Place Market in Seattle.</li></ul><div><div aria-label="Megaphone Embed"><iframe frameborder="no" height="200" scrolling="no" src="https://playlist.megaphone.fm?e=AXIOS6199119555" width="100%"></iframe></div><div style="display:none"></div></div><span data-ad-status="NO_AD_LENGTH" data-ad-type="midStoryAd"></span>

Most small business stories from the pandemic are about about pivoting or perishing, but there's also been an unexpected surge in new small business creation. One example is Agua Bonita, a canned beverage company that launched last year after both of its co-founders were laid off.

Dan talks with Agua Bonita co-founder Kayla Castañeda and Techstars founder David Cohen about what it was like for startups over the past 14 months and what recovery means for businesses that didn't even exist before COVID-19.

Plus, a conversation with Wall Drug proprietor Rick Hustead.

5. Startup creation in the pandemic

There's been an unexpected surge in new small business creation during the pandemic.

<p><strong>Most small business stories from the pandemic are about about pivoting or perishing</strong>, but there&#x27;s also been an unexpected surge in new small business creation. One example is Agua Bonita, a canned beverage company that launched last year after both of its co-founders were laid off.</p><ul><li>Dan talks with Agua Bonita co-founder Kayla Castañeda and Techstars founder David Cohen about what it was like for startups over the past 14 months and what recovery means for businesses that didn&#x27;t even exist before COVID-19.</li><li>Plus, a conversation with Wall Drug proprietor Rick Hustead.</li></ul><div><div aria-label="Megaphone Embed"><iframe frameborder="no" height="200" scrolling="no" src="https://playlist.megaphone.fm?e=AXIOS3227727258" width="100%"></iframe></div><div style="display:none"></div></div><span data-ad-status="NO_AD_LENGTH" data-ad-type="midStoryAd"></span>

America’s small business community is recovering from the pandemic, but large swathes of it haven’t yet recovered.

Dan speaks with U.S. Small Business Administrator Isabel Guzman for the finale of our America's Business Comeback series, about which small businesses still need help and what the SBA plans to do about it. 

Plus, the recovery view from Reckless Records' Matt Jencik in Chicago.

Be sure to check out all of America's Business Comeback via this Spotify playlist.

6. SBA chief Isabel Guzman's recovery roadmap

Illustration of a hundred dollar bill folded like a roadmap with navigation points dropped around it. 

<p><strong>America’s small business community is recovering</strong> from the pandemic, but large swathes of it haven’t yet recovered.</p><ul><li>Dan speaks with U.S. Small Business Administrator Isabel Guzman for the finale of our America&#x27;s Business Comeback series, about which small businesses still need help and what the SBA plans to do about it. </li><li>Plus, the recovery view from Reckless Records&#x27; Matt Jencik in Chicago.</li></ul><div><div aria-label="Megaphone Embed"><iframe frameborder="no" height="200" scrolling="no" src="https://playlist.megaphone.fm?e=AXIOS5938794593" width="100%"></iframe></div><div style="display:none"></div></div><p><em>Be sure to check out all of America&#x27;s Business Comeback via this <a class="gtmContentClick" data-vars-link-text="Spotify playlist" data-vars-click-url="https://open.spotify.com/playlist/3ySM0U7uR5dnA50Kz5EkRW?si=4ecb87906e684b1f&amp;nd=1" data-vars-content-id="73517174-6aae-4068-a618-48933994197d" data-vars-headline="SBA chief Isabel Guzman&#x27;s recovery roadmap" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://open.spotify.com/playlist/3ySM0U7uR5dnA50Kz5EkRW?si=4ecb87906e684b1f&amp;nd=1" target="_blank">Spotify playlist</a>.</em></p><span data-ad-status="NO_AD_LENGTH" data-ad-type="midStoryAd"></span>

A view from the shopping center

Illustration of open signs in the shape of the U.S. flag.