React testing library - How to test a async call which is inside an useEffect with an array dependency

How can I write a test case to test the code below using React-testing library. I have an useState which gets updated when I fill in the typeahead with some value, as soon as it gets an value then the useEffect is trigerred which calls the API - getBusinessData(). Now how can i test this api call any idea ?? I have looked over many examples but could not find any relevant solution out there which would help in this scenario.

const [UpdateName, setUpdateName] = useState({value: null, id: null});

  useEffect(() => {
    if (UpdateName&& UpdateName.value != null) {
      SetLoaderStatus(true);
      Dispatch(
        getBusinessData()
      ).then(() => {
        SetLoaderStatus(false);
      })
    }
  }, [UpdateName])

return(
<div>
 <Row>
                <Col md={5}>
                  <span>Business Person Name</span>
                  <div>
                    <Typeahead
                      value={"Tom Hank}
                      data-testid='businesshead-data'
                      onChange={(value: any) => {
                        setUpdateName(value)
                      
                      }}
                     
                    />
                  </div>
                </Col>
<Row>
<div>
)