More than 100,000 small businesses have permanently shuttered within just two months as pandemic lockdowns devastated the nation’s economy landing 36 million Americans out of work, according to a new survey this week.
A team of researchers at the University of Illinois, Harvard University, Harvard Business School and University of Chicago discovered at least 2 percent of the nation’s small businesses are now gone after conducting a representative survey of more than 5,800 enterprises between May 9-11.
“The broad conclusion of our research is that a lot of small businesses which make up a big share of U.S. employment have daily limited resources and are under a fair amount of financial distress,” said Illinois economist Alexander Bartik who co-authored the study.
Limited cash and limited time for conditions to change, Bartik told The Federalist, could drive up that number significantly in the days to come. The team of economists found that the median small business with expenses exceeding $10,000 a month had only enough resources to stay afloat for two weeks. About 75 percent of those surveyed, said they didn’t have the resources to last more than two months.
The researchers’ findings line largely consistent with a March poll by the U.S. Chamber of
Commerce with MetLife showing one in four small businesses were preparing for permanent closure within about eight weeks absent of reopenings or new federal relief. Even after Congress replenished the depleted small business forgivable loan fund in the Payment Protection Program (PPP), complicated and cumbersome requirements to qualify for loan forgiveness made securing federal relief impractical.
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8 comments:
Your Democrat leadership just showed how much they give a shit!! It's amazing how easily they've stolen TRILLIONS of dollars right in plain sight and no one gives a crap
The collapse is OBVIOUSLY the goal.
The US Government will hide the counterfeit of the US Dollar until the very last day. That day will be when China goes to the COMEX window to receive delivery of its GOLD. That is the day the world will find out there is no gold in Fort Knox.
The US Government is going down.
One way or another.
Humanity demands it.
While Govt was sending Millions in Relief $$$$ to Large Businesses
Who did Not even ask for it OR Qualify for it !!! Isn't that Nice !!!
I hope the Fear Porn Jerks are satisfied!!!
And people think the democratic party is for the blue collar workers
Take your doomsday thoughts somewhere else 707
THANK your Incompetant GOVT !!!
100,000 businesses down the tubes and the democrats are rejoicing over it. It was their only hope to undermine Trump. They along with China trying to destroy our economy. It was the only way the Dems could have a chance at defeating Trump in the upcoming election. Trump created millions of jobs. Unemployment was lowest it had been in fifty years. The economy was booming.So the only way the Dems had to try an destroy what Trump had accomplished. That is also why the Dems arrest trying to drag this on as close to the election as possible.
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