April 21, 2020
- Analysts predict that disruption to business could lead to 15,000 permanent retail store closures in 2020, with the Economic Policy Institute predicting that the disease outbreak could potentially wipe out three million jobs from the U.S. economy before this summer.
- A recent Goldman Sachs survey of more than 1,500 small business owners found that more than 50% of them said they didn’t think they could continue operating their businesses for more than three months amid current conditions.
- Several U.S. states have already begun mandating that non-essential businesses – basically anything beyond supermarkets and pharmacies – close their doors to customers. But, even in states where that isn’t the case, scores of small businesses have already made the move to close up shop totally or reduce their hours of business dramatically.
- Restaurants, in particular, have faced a massive disruption to their income streams and business models. Many have had to stop allowing sit-down customers, pivoting to offer only takeout or delivery services.
- Economists are already forecasting that the U.S. restaurant industry could lose $225 billion in revenue from closures resulting from the outbreak, and that the industry could shed up to seven million jobs over the next three months, according to the National Restaurant Association.
SOURCE: cnbc.com, 3/23/2020