9 million U.S. small businesses fear they won’t survive pandemic – CBS News
Scoop Publisher Francesco Abbruzzino
Three out of every 10 small businesses in the U.S. say they likely won’t survive 2021 without additional government assistance during the coronavirus pandemic, a survey from the Federal Reserve Bank shows. Considering there are roughly 30 million small businesses in the U.S., that means 9 million small firms are at risk of closing for good this year.
The outlook is even worse for minority-owned businesses: 8 in 10 said their company is in poor financial condition, according to the Fed survey, even after receiving limited help from Paycheck Protection Program (PPP) loans and other small business relief efforts during the pandemic.
Sam Myers, operations manager for Black-owned moving company Dillard Movers of St. Paul, Minnesota, described 2020 as a difficult year for the business and said that 2021 is shaping up to be the same.
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