Chicago's Cinco de Mayo parade in Little Village was canceled this year due to concerns about the Trump administration's immigration policies, and an organizer said those concerns are having broader economic consequences.

The Cermak Road Chamber of Commerce announced in April that the parade would be canceled. The group said the Mexican community in Chicago is worried about raids by U.S. Immigration and Customs Enforcement.

On Monday in Little Village, a few people shouted, "Happy Cinco de Mayo!" to CBS News Chicago's crew. But parade organizers said they stand by their decision to cancel the parade, which would have been held this past Sunday.

"We didn't want to take a chance for anyone to be taken by immigration and be deported, so definitely, it's not about money anymore," said parade organizer Hector Escobar of the Cermak Road Chamber of Commerce. "It's about safety."

But Escobar said there is an economic loss. He estimates small businesses are missing out on millions as foot traffic slows, and as some employees skip work out of deportation concerns.

"The businesses are very slow," Escobar said. "I mean, they're not getting the crowds since January, since this new administration took over."

Business owners who spoke to CBS News Chicago, but did not want to go on camera, said they can survive without the paradegoers who were absent this past weekend. But the business owners said they have noticed less foot traffic overall, as some familiar faces stay home.

Organizers of a Philadelphia Cinco de Mayo event cited the same immigration enforcement concerns to CBS News Philadelphia when they canceled their event.

"This has been a concern," said Philadelphia parade organizer Olga Rentería.

Chicago planners unsure if, or when, their parade will return.

"We don't know what's going to happen next year," said Escobar, "but at this point, everyone has to take their precautions."

Some business owners said they expected turnout for the parade to be low.

Last year's event had to be re-routed after gun fire from gangs in the area, and some say the event hasn't fully rebounded after years of COVID cancelations.