Businesses Continue to Struggle in this Unstable Economy, but There is Hope
In major cities across the US, businesses have been forced to temporarily shut down or limit capacity. They fear it will be difficult to it get customers to return once they reopen. Small businesses are especially vulnerable and are struggling because they were not considered an “essential business.”
According to data released from Yelp, more than 100,000 businesses have permanently closed since the beginning of the pandemic and that number is only expected to increase. Small business trend tells us, “45% of small businesses have accepted that their revenues are less than 50% Pre-COVID.”
Despite all the closures of so many businesses, customers are still in need of services. With curbside pickup and more outdoor options, businesses are coming up with creative ways to continue to bring revenue in. Sites like My Jewish Listing are helping businesses clearly state what health precautions they are taking in order to make consumers comfortable about supporting their business.
The struggle has also prompted some major celebrities to come together in order to relieve some of the stress on small businesses and restaurants. Celebrity chef Guy Fieri raised $21.5 million dollars for restaurant workers. The Barstool Fund has raised almost $30 million helping small businesses across the U.S. including Ken’s Diner in Chicago, a local kosher favorite.
As the COVID-19 vaccine rolls out and stimulus checks finally arrive, things are looking up for small businesses. The U.S. Equal Employment Opportunity Commission (EEOC) has also issued guidelines last month stating that it would not be discriminatory to demand that employees receive the vaccine. This may be one of the major drives that causes people to forgo their hesitations about receiving the vaccine. This will also cause herd immunity to happen sooner, thus allowing people to get back to their normal routines.
The transition back from stay-at-home orders back into the real world may be jarring for some. It may take some time for things to get back to normal. But with heard immunity on the horizon, there is once again hope for the small business owner.