Think Small: Supporting Businesses in Your Community
A report published in April by Main Street America noted that nearly 7.5 million small businesses nationwide were in danger of going out of business in the five months after closure orders as a result of the coronavirus (COVID-19) crisis. Of the 603 PA small businesses surveyed, 63 percent said this would be their fate. Nearly 80 percent of the state’s respondents had seen revenue decrease by more than 50 percent.
“We remain deeply concerned that many of our nation’s smallest businesses are the most vulnerable to revenue disruption caused by the pandemic, and these businesses are the least able to obtain funds,” said Patrice Frey,president and CEO of Main Street America, in a press release.
In the report, The Impact ofCOVID-19 on Small Businesses:Findings from Main Street America’s Small Business Survey,a majority of small businesses said they also needed information on financial assistance as well as penalty-free extensions on expenses (rent, utilities, supplies,
inventory).
