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COVID-19’S Impact On Small Businesses
A surge of unemployment has shaken the US economy in light of COVID-19. American businesses, small and large, are experiencing record-low sales, record-high layoffs, and a six-month forecast that is anything but certain. In order to subdue the coronavirus outbreak, public health officials are telling Americans to wear a mask, avoid face-to-face contact, and shelter-in-place. With over 5 million confirmed cases in the US as of August 2020, not only is our health at risk but our livelihoods as well.
The Current Impact of COVID-19
As the vast majority of citizens of the United States and the world lockdown, economic activity and spending are rapidly slowing down. Many people are experiencing the economic effects of coronavirus through the closing of shops and restaurants. Specific industries, such as the travel industry, including airlines and hotels, are losing revenue by the billions due to no non-essential travel.
However, smaller businesses that rely on tourism revenue are at an even more significant risk of closing. Small businesses, in general, are currently walking on eggshells.
