SMALL BUSINESSES

(Small Businesses Affected by covid-19 Pandemic)

Businesses were effected everywhere in the United states. Some were hit hard while others saw the opportunity and were compensated nicely. Online business saw a surge in their revenue. small business depending on your location and the size of your business were given loans through the CARES act which was made for pandemic relief. Small and large business were given funds to help them out through the pandemic through the cares act and other things. Basically they were given money through a loan that was for business specifically so they wouldn't face hardships. Unfortunately this didn't help much or only a certain time and not all business were given the chance to get the money in time. Some business were forced to close while other saw profit loss and hardships like not being able to make payments.
A friend of mine who owns a small business in upper east side faced difficulties during covid-19. He said " Once the pandemic started it felt like a dominos effect on the business. Problem after problem." Once the pandemic started they saw a revenue loss and this caused them to be unable to make payments like electric bills and rent for the store and at the same time their house. Ultimately they had to put the store on sale to help them out. There were less customers coming and lack of supplies as the days grew on essential stuff like hand sanitizer and masks. This is one example how covid-19 affected a small business. Another way COVID-19 effected small business was by the rise in online shopping. Everyone was spending their stimulus check online and small business were compensated nicely. My uncle saw a surge in his revenue during Covid-19 as he invested more and more into his online store with Amazon FBA. Online shopping has never been this high and it makes sense. Most people are quarantined, stuck at home, and the stores are running low on inventory so people saw an opportunity and took it. This is one way small business were effected positively.
Everyone was effected differently during Covid-19. According to research low income neighborhoods and small business were hit the hardest.