Amid the fallout from the coronavirus pandemic, the position of the nation’s small businesses overall appears bleak. The sectors most affected by the coronavirus and the least financially resilient sectors include 1.7 million small businesses, employ 20 million workers, and contribute 12% of US business revenue. A long-lasting COVID-19 crisis could continue to affect these sectors disproportionately and make more of their firms vulnerable to permanent closure. As it is, McKinsey analysis of several small-business surveys suggests that before accounting for intervention, 1.4 million to 2.1 million US small businesses (25% to 36%) could close permanently as a result of the disruption from just the first four months of the COVID-19 pandemic. For more, please read the McKinsey article “Which small businesses are most vulnerable to COVID-19—and when.”
Image: https://covid-tracker.mckinsey.com
