How many small businesses closed because of the pandemic?

Introduction

The COVID-19 pandemic has had a significant impact on small businesses. The number of small businesses that have closed or are expected to close in the next 30 days is significantly higher than usual. This post will explore factors contributing to this trend and what you can do if your business is affected.

Small business is in crisis.

The number of small businesses is shrinking, and we don’t know how many will close because of the pandemic. Many small businesses will not survive in these times. We need to keep them open!

The economy relies on our private sector to provide jobs and create wealth for all Americans—not just those with access to healthcare insurance or a job with benefits.

Barriers to accessing capital are critical to the pandemic’s effect on small businesses.

The pandemic affects small businesses in several ways, including creating barriers to access capital. Smaller companies are more likely to close during a pandemic than larger ones, and some owners may not be able to get loans due to their lack of credit or other factors. The financial strain this places on a small business owner can be devastating: “The biggest problem I’ve seen is people who aren’t making enough money because they’re out sick,” said one doctor who has worked with patients affected by the flu.

Most small businesses close because of the pandemic have fewer than five employees.

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The average small business is barely scraping by.

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Location can affect a small business’ likelihood of closing.

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Businesses owned by people of color are likely to be affected by closures more than white-owned businesses.

If you’re a person of color, the pandemic has likely affected you more than if you’re white. People of color are more likely to be small business owners and tend to employ more people than the general population. This means that if your business closes down due to COVID-19, it will significantly impact your employees’ livelihoods more than someone who doesn’t work for a company where anyone could be affected by the virus.

The industries most affected by closures include arts and entertainment, recreation, lodging, food services, and drinking places.

The industries most affected by closures include arts and entertainment, recreation, lodging, food services, and drinking places. Other industries that may be affected include:

  • Travel related to tourism (hotels)
  • Transportation (airlines)
  • Retail trade (shopping malls)

Many small businesses will not survive the COVID-19 pandemic.

As we enter the third week of the pandemic, it’s important to remember that small businesses will be hit hard by COVID-19. Small businesses are our economy’s backbone and provide millions of Americans jobs. Most of these businesses are struggling to survive without help from the government or other entities. It’s no surprise that many small businesses have already closed due to a lack of customers and revenue—and those who remain open often struggle with insurance costs and employee absenteeism because their employees are worried about getting sick or dying from COVID-19 (or any other virus).

Conclusion

The pandemic has affected the lives of many small businesses, but it’s important to remember that this is not just a story about the health and safety of employees. It’s also a story about access to capital, which can be difficult for those who don’t have it. Hopefully, these findings will help us better understand how we can support our local communities during challenging times like these!

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Metaverse Editorial Team
Metaverse Editorial Teamhttps://metaverseswapping.com/
Alif Vasaya provides expertise in business strategy, community growth hacking, content production, content strategy, digital ads through acquisitions, raising capital, monetizing the Metaverse, NFT affiliate marketing, consulting, and marketing advising for start-up companies.Highly skilled and results-oriented professional with solid academic preparation holding a bachelor's degree in arts and extensive experience in digital marketing, content production, business transformation, and human resource. Proven ability to assess and manage complex obstacles; viewed as a decisive troubleshooter. Successful in intense and demanding environments, providing strong team leadership and structure with a track record of motivating and developing soldiers.

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