More businesses were lost in the last three months than all of the Great Recession

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.