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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsOne-third of NYC small businesses won't survive pandemic, civic leaders say
Months of temporary closure has left many small business owners with virtually no income for reopening, financial experts are saying. For these business owners, often operating with slim margins even in good times, the battle to regain customers and profits is expected to be waged fiercely around the country. Many of them won't win.
In New York City, one-third of local small businesses some 77,000 employers will likely shutter before the pandemic clears, according to a study from the Partnership for New York City, a civic group representing the city's largest private-sector.
The Big Apple's small business sector has already lost 520,000 jobs, the Partnership's study said, and even more closures would disproportionately harm the city's Black and Hispanic communities, which were already lagging behind Whites before the coronavirus hit.
"Disparities in income, education and employment status meant Black and Hispanic residents held jobs most at risk in the pandemic," the study said.
A crumbling small business community concern's New York City's largest corporations and their leaders because big companies contract with smaller firms as suppliers or service providers. And their employees personally patronize small businesses that cater to their retail and entertainment needs.
https://www.cbsnews.com/news/small-businesses-new-york-city-coronavirus-pandemic-wont-survive-shutdowns/?ftag=CNM-00-10aab7e&linkId=95061929
Skittles
(153,298 posts)and there's still 100 days to go before we can even start the process of getting REAL leadership
duforsure
(11,885 posts)It'll be closer to 45-55% of small businesses will never survive this. But they got big corporations 500 billion in cash and another 140 billion in tax breaks, and they want to reduce Social Security now. They think people will support them now? LOL, they're done for doing this to us and our country. They both will never be elected again.