Support Your Freedom to Speak:
Many Small Businesses Won't Survive After COVID-19
channel image
Hal Graves
22 Subscribers
60 views
Published 3 years ago
Back in May 2020 I did this video on the massive number of small businesses that may not survive because of the coronavirus. While the large chains and box stores got the majority of the stimulus money last spring, the lockdowns and occupancy restrictions on most small businesses closed many down and pushed others to the brink of closing. Many business owner's lives have been destroyed and their families impacted too. I'm posting this to Brighteon for the first time.

will be at risk of closing, if the pandemic persists for several months, or if the public is panicked enough not to patronize their stores and services like they once did. A survey by Main Street America found that two-thirds of entrepreneurs say "they may have to shut their businesses forever if disruptions continue for up to five months." It also said "more than 30% are at risk of closing if the status quo persists for only two months."

The news is even worse for US restaurants. The National Restaurant Association predicted in early 2020 that "up to one in five restaurants in the US could permanently close because of the pandemic and its after effects." They also said "roughly 3% of restaurants in the US have already closed permanently since the start of the pandemic." If those figures are accurate, that means that 30,000 restaurants have already relented in 2020. There are an estimated 1,000,000 restaurants in the US. If one in five restaurants actually close in the next several months, that may mean that 200,000 locations could permanently go out of business. The US restaurant industry has an employment of 15.6 million people.






In late April, 2020 the US Congress passed a $349 billion-dollar loan program for small businesses, titled the "Paycheck Protection Program." It was meant to help small businesses survive the COVID-19 pandemic to pay their employees and to pay their rent. However, there were immediate concerns that some "mom and pop" stores could be squeezed out. Independent contractors and the self-employed were not eligible to apply for the small business loans, until after every big restaurant and hotel chain were able to apply first. This over-whelmed the banks with too many applications. And, after the bigger "small businesses" got their funding approvals...the money quickly started running out. Veronique de Rugy, a research fellow at George Mason University said "when we look at who benefited from the stimulus package, we're going to see that it was skewed towards bigger small businesses...not really small stores."

Hopefully many small businesses will survive and come back to fuel again the US economy. But, this virus and the media and public's panic is like nothing else we've ever seen. Will payrolls be met, will rents be made, will customers return? The rest of 2020 is indeed going to be a very interesting year.
Keywords
restrictionssmall business loanscovid-19small businessesbusinesses closingpaycheck protection programsmall businesses to closemany small businesses to shut-downlabor shortagescustomers may not returnnot enough customersdistancing restrictionsoccupancy restrictionsbig businesses got loans firstsmall businesses not getting help1-million us restaurants

FREE email alerts of the most important BANNED videos in the world

Get FREE email alerts of the most important BANNED videos in the world that are usually blacklisted by YouTube, Facebook, Google, Twitter and Vimeo. Watch documentaries the techno-fascists don't want you to know even exist. Join the free Brighteon email newsletter. Unsubscribe at any time. 100% privacy protected.

Your privacy is protected. Subscription confirmation required.