[Ed. – Another study needs to be done that computes how much of this was avoidable.]
Few people have escaped the financial impact of the coronavirus pandemic and that’s especially true for local ‘mom and pop’ shops. A new study finds half of Americans have witnessed their favorite local businesses close down because of COVID-19.
A survey of 2,000 people reveals 68 percent personally know a local business owner impacted by the pandemic. According to respondents, the most commonly impacted businesses include cafes (62%), retail shops (58%), gaming shops (55%), and book stores (54%).
While a majority of Americans (71%) want to see small businesses in their community thrive, nearly two-thirds (62%) have witnessed their favorite local businesses struggle to pay rent or pay employees. On average, respondents can name two locally-owned businesses in their community turned down by the government after applying for a Paycheck Protection Program (PPP) grant.