Small businesses are the lifeblood of America, yet shutdowns are killing these enterprises.
Yesterday, a new poll from Small Business Majority came out and the numbers are not pretty. The poll’s findings indicated that a whopping 90% of small businesses across the country are suffering from an economy that is presently “on pause.” This data goes hand-in-hand with the mounting social unrest and increasing protests calling for the end of unconstitutional lockdowns.
The bad news didn’t stop there, though. Further information only confirmed what so many Americans have stated all along. Sadly, the so-called “cure” to COVID-19 has already become extensively worse than the virus could ever be.
Reviewing Findings from Small Business Majority
While 90% of small businesses suffer due to the present state of the economy, 41% are losing at least half of their revenue; likewise, another 33% of small business owners have had to shutter their enterprises while 14% are currently preparing to follow suit.
Weeks ago, the federal government passed the CARES Act to grant relief to small businesses; however, entrepreneurs maintain that emergency lending programs don’t go far enough to prevent the closure of small businesses.
NEW POLL: We surveyed small business owners across the country to learn how COVID-19 is really impacting small businesses and what business owners think of Congress’ efforts to relieve their financial burden. Read the report: https://t.co/DR49JRq5Ui
— Small Business Majority (@SmlBizMajority) April 14, 2020
Numbers pertaining to layoffs and furloughs are also alarming from small businesses. Small Business Majority discovered that 40% of entrepreneurs who laid-off workers did so permanently. Meanwhile, one-third of all small businesses have made cutbacks to the entirety of their staffers.
A Cure Worse Than the Problem
For quite some time, many people have warned that the cure cannot be worse than the problem; however, the damage being done to small businesses across America due to compulsory lockdowns is worse than coronavirus itself could have ever created. Eight of ten people who contract COVID-19 will only have a mild or moderate case, while over nine of these ten people will recover. The same cannot be said for small businesses.
Yesterday, President Trump indicated that governors will ultimately get to decide when states’ economies begin to reopen. While certain governors, such as Texas’ Greg Abbott, maintain that states can begin running again before May 1, there are other governors, like California’s Gavin Newsom, who want to keep shutdowns in place until a COVID-19 vaccine arrives.
What do you make of the latest updates on how small businesses are faring amidst shtudowns? Has the “cure” of lockdowns and shuttered businesses become worse than a virus that over 90% of people recover from? Let us know in the comments section below?