How Has Coronavirus Impacted America’s Small Businesses? Here’s What The Data Says

A combination of higher unemployment and lower consumer spending due to the ongoing coronavirus pandemic has had a devastating impact on America’s small businesses.

Industries ranging from restaurants to light manufacturers have reported huge losses in revenue throughout the year and difficulty in retaining employees, The New York Times reported. Economists projected that 2% of small businesses would close forever because of the pandemic, according to an academic study published in The Washington Post.