Small businesses account for 44 percent of all U.S. economic
activity, according to the S.B.A., and closures on such an immense
scale could devastate the country’s economic growth,
per the New York Times.
“...joblessness soared to the point that in July, around one in
five American workers — that's around 30 million people — were
drawing jobless benefits.
Small businesses account for more than 3 million jobs in the city,
and so far, they’ve already lost 520,000. When the pandemic eases,
a third of NYC’s 240,000 small businesses may be gone,
per the Partnership for New York City.
In July 2020, 83% of NYC bars, restaurants, and nightlife
establishments weren’t able to pay full rent, according to an
NYC Hospitality Alliance
survey of 471 businesses. 37% couldn’t pay at all.
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