- The COVID-19 pandemic is hitting small businesses especially hard as customers practice social distancing, states enact forced closures, and events get canceled.
- More than 99% of all businesses are small businesses, and natural disasters cause 40% of small businesses to fail.
- Here is a list of emergency funding resources available right now from public and private sources for small businesses suffering economic disruption due to the coronavirus.
- Visit Business Insider’s homepage for more stories.
The economic consequences of the coronavirus pandemic are hitting small businesses especially hard as customers practice social distancing, states enact forced closures, and events get canceled.
More than 99% of all American businesses are small businesses, and they employ more than half of the workforce.
According to US government research, natural disasters cause 40% of small businesses to fail, while one in four small businesses will close within a year of the event.
In addition to the immediate public health crisis, economists expect the COVID-19 pandemic to kick off a painful recession that could further impact the survival of small businesses.
A $7 billion aid package is currently being negotiated in Congress, and the Internal Revenue Service is deferring the tax filing payment deadline for many filers until July 15.
Continue reading to see a list of emergency-funding resources available right now from public and private sources for small businesses suffering economic disruption due to the coronavirus.
