Andy Dufresne closed up his barber shop after 60 years in business because of COVID-19 this July, one of many small business owners forced to shutter for good during the pandemic.Small businesses owners have struggled during the pandemic, with the number of small businesses in the US dropping by 29% since January.
As businesses hope for a brighter 2021, the US needs to make changes that allow small businesses to actually compete with the Amazons and Walmarts of the world. It is too late to save the thousands of businesses lost during the pandemic. But, we need to act now if we want to prevent a vicious cycle that requires sacrificing a dwindling number of small businesses from continuing far beyond 2020. Restaurants in New York temporarily closed in April. Some never reopened.in the US has dropped by 29% since January and revenue has plunged by 31.9% over the same period.
"Going into the pandemic, I have never seen the playing field more tilted" to the advantage of a handful of big businesses, Moody's analyst Charlie O'Shea told Business Insider. The pandemic put these cash buffers to the test. And more than 163,700 businesses failed that test, according to a September Yelp report, shutting down amidst financial hardship.Nandita Bose/Reuters