US business owners upbeat on COVID-19 vaccine, wary as virus spreads

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NEW YORK: Promising news about a COVID-19 vaccine has small business owners feeling more upbeat despite cases of the virus surging in many parts ...

This photo from Aztec Media shows online educational company Test Prep Insight CEO John Ross and his team posing in Auburn, California, in February 2020. NEW YORK: Promising news about a COVID-19 vaccine has small business owners feeling more upbeat despite cases of the virus surging in many parts of the United States.

“I fully expect this vaccine news to give consumers the same jolt of confidence that I have felt. This hopefully means a quicker and strong recovery,” says Ross, whose company is based in Auburn, California. While it is not known how many companies have permanently closed during the pandemic, based on an estimate issued by the National Bureau of Economic Research during the spring the actual number is probably well into the hundreds of thousands. Additional government restrictions could put more companies at risk.

They were able to get government financial help including a Paycheck Protection Program loan and it helps that they own the building the travel agency is in. They are also in the process of setting up a second business they hope will support the travel company. In the meantime, recent data show air travel in the US is still down about 65 per cent from a year ago and hotel occupancy remains below 50 per cent.

The vaccine news makes Cooke more optimistic about the future of the fledgling business, but also brings a new set of questions.

 

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