Data: National Bureau of Economic Research; Table: Axios Visuals

The U.S. saw its largest ever decline in the number of business owners between February and April, as at least 3.3 million shut their doors, a new paper from the National Bureau of Economic Research using the Census Bureau's Current Population Survey found.

What it means: The record wave of closures was widespread but disproportionately hit minority- and immigrant-owned firms, and "may portend longer-term ramifications for job losses and economic inequality," the study found.

  • African American businesses were the hardest hit.

The big picture: "No other one-, two- or even 12-month window of time has ever shown such a large change in business activity," author Robert W. Fairlie writes.

  • "For comparison, from the start to end of the Great Recession the number of business owners decreased by 730,000 representing only a 5 percent reduction."
  • The reduction from February to April this year is more than four times that much.

What's next: "More permanent mass closures of small businesses in the United States are likely to have a dramatic effect on employee job losses, further income inequality, and contribute to a prolonged recession."

Go deeper: A reckoning for small business

Go deeper

Pandemic may drive up cancer cases and exacerbate disparities

Illustration: Aïda Amer/Axios

Doctors are concerned the coronavirus pandemic is going to lead to an uptick in cancer incidence and deaths — and exacerbate racial, ethnic and socioeconomic disparities seen with the disease.

Why it matters: The U.S. has made recent advances in lowering cancer deaths — including narrowing the gap between different race and ethnicities in both incidence and death rates. But the pandemic could render some of these advances moot.

Updated 33 mins ago - Health

World coronavirus updates

Expand chart
Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

The next G20 leaders summit that was planned for Riyadh, Saudi Arabia, will take place "virtually" on Nov. 21-22, per a statement posted to the Group of 20's website Sunday.

The big picture: The summit "will focus on protecting lives and restoring growth, by addressing vulnerabilities uncovered during the pandemic and by laying down the foundations for a better future," according to the statement.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 32,949,407 — Total deaths: 995,658 — Total recoveries: 22,787,799Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 7,107,673 — Total deaths: 204,738 — Total recoveries: 2,750,459 — Total tests: 101,298,794Map.
  3. States: 3 states set single-day coronavirus case records last week — New York daily cases top 1,000 for first time since June.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.