Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Atlas Shrugs (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

BUSINESS FAILURE BACK TO PANDEMIC HIGHS: Small & Medium Businesses CLOSED in February Despite Failed Democrat COVID “Relief”

% of readers think this story is Fact. Add your two cents.


Democrats respond with crippling taxes and multiple trillion dollar crippling debt packages. They’re destroying us.

U.S. small business closures are ticking back toward Covid pandemic highs

By: Anjali Sundaram, CNBC, Apr 9 2021:

  • According to a new report from Facebook and the Small Business Roundtable, 22% of U.S. small and medium businesses were closed in February.
  • At the peak in May, the pandemic saw 23% of small and medium businesses closed.
  • “It continues to be a very painful time for small businesses,” said John Stanford, co-executive director of the Small Business Roundtable.

Small business closures are close to the highs of the pandemic

Closures across the U.S. and the world are creeping back toward their pandemic peaks, according to a report from Facebook and the Small Business Roundtable.

“It continues to be a very painful time for small businesses,” John Stanford, co-executive director of the Small Business Roundtable, told CNBC’s “Worldwide Exchange” on Thursday.

The report, which surveyed over 35,000 small and medium-size businesses across the world, found that 22% of U.S. small businesses were closed in February. Those figures were up from October’s 14%. At the peak in May, the pandemic saw 23% of small and medium-size businesses closed — only 1 percentage point higher than the current closure rate.

While the overall closures are nearing Covid highs, the report found that different areas of the country were experiencing varying degrees of difficulty. Some states, like Maine, Idaho and Colorado, were seeing 9%-10% closures, while others like New York, Pennsylvania, and Massachusetts were seeing at least 30% closed.

Within states, the report also found that certain demographics were getting hit harder than others: 27% of minority-led small and medium-size businesses reported closures, compared with 18% of others. Female-led businesses saw 25% closure rates, while 20% of male-led businesses closed.

Small and medium-size businesses are continuing to see the impact of the pandemic despite a relative bounce back for larger corporations. “Small businesses are really our front-line defense for the business community,” Stanford said. “They feel impacts first, and those impacts stay the longest.”

“So while larger companies with larger capital reserve may be doing OK, small businesses can’t just take the risk to stay open, and I think we’re seeing that play out with these high numbers,” he added.

During a year of Covid closures, Congress rolled out programs like the Payroll Protection Program, designed to help small businesses keep their employees on payroll. Stanford said while the data shows that the PPP was “instrumental” to small businesses, these types of programs weren’t designed to be sustainable a year out.

“We have to remember, PPP was a bridge program,” Stanford said. “It was meant to keep people on the payroll, it wasn’t meant necessarily to keep businesses open.”

According to the report, 27% of small and medium businesses said they had to reduce their workforce — and 48% of those companies said they had to lay off at least half of their workforce. When it comes to getting those employees back, 51% of the businesses surveyed said they were not planning to rehire former employees within the next six months.

“PPP and others really helped get us through a shutdown of a year’s economy, but I think we’ve got a tough road ahead,” Stanford said.

However, 18% of small and medium-size businesses said they had already hired back some of their employees within the last three months. The report noted that those businesses account for 60%-70% of workforces across the world, so the prospect of rehiring would be critical to the rebound of many economies.

Stanford said that overall, he’s optimistic about small businesses’s ability to bounce back.

“Entrepreneurs are survivors. … We reopen the economy, we reopen states, when things get back to normal, we are going to come back in a fast way,” he said. “When life picks back up in just a few months here, you’re going to see small business numbers turning around.”



Source: https://gellerreport.com/2021/04/small-business-crushed.html/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.