For years, international founders invested heavily in U.S. expansion. Now, New York, one of their top destinations, has been hit hard in the pandemic. How is the city’s global startup ecosystem dealing with the challenges?
U.S. tech companies founded by Belarusians have long been a source of pride for Europe’s last dictator Alexander Lukashenko. Now, as entrepreneurs are challenging his 26-year-old rule, they are feeling the same pressure as everyone else. Silicon Valley startups have also taken a hit.
The pandemic eliminated 36 percent of immigrant small-business owners, according to reports. Although the Paycheck Protection Program supported some entrepreneurs, most said their experience has been nothing but frustrating.
The "public charge” rule, which discouraged immigrants from seeking benefits, has been temporarily blocked. Until now, green card applicants, including immigrant entrepreneurs who temporarily used social services, such as Medicaid, could be disqualified.