It has been reported that more than 100,000 small U. S. businesses have permanently shuttered within just two months as the coronavius pandemic lockdowns devastated the U.S. economy. These 100,000 business closures have resulted in 36 million Americans being forced out of their jobs, according to a new survey this week.
A team of researchers from the University of Illinois, Harvard University, Harvard Business School and University of Chicago discovered at least 2% of the America’s small businesses are now gone. They came to this conclusion after conducting a representative survey of more than 5,800 businesses between May 9-11.
“The broad conclusion of our research is that a lot of small businesses which make up a big share of U.S. employment have daily limited resources and are under a fair amount of financial distress,” said University of Illinois economist Alexander Bartik – one of the co-authors of the study.
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