We at Journal of the day used to share the news highlights and updates. This recovery has been along here. Perhaps losing some steam over the last few jobs reports and the other economic updates we’ve got now.
Yelp is publishing some worrying data here, which shows a 23 increase since mid-July for the causes of Businesses Shut Down due to COVID. Also, the number of businesses shut down due to COVID according to the company permanent enclosures reached 97 966.
Plus 98 000 here, representing about 60 percent of closed companies that won’t be reopening, and that number could rise here the longest. Some of these restrictions remain in place.
We talked about how these businesses ‘ struggles were going and how they can’t last that long when your savings and safety net built up is not that strong.
There’s A Need To Support The Local Businessman Whose Business Has Been Shut Down Due To COVID.
Let’s talk about how some aid is essential to get back into the system to support these businesses. There’s no question that small businesses have been hardly impacted in terms of the economic impact of the pandemic.
Also, these small businesses are the backbone of our country. Every one of us depends on many small businesses that provide goods and services to us every day. We as a society need to provide help to these folks who have been impacted hard by Businesses shut down due to COVID that was of no fault of their own.
There’s a role to be played here by public policy by big businesses that can purchase goods and services more from small businesses to foster entrepreneurship. The pathway to the middle class in the United States for the 50 years following World War II was good manufacturing jobs.
But now, the pathway to the middle class is the services sector. Also, it will principally be small and mid-sized services firms that will create good jobs to create economic growth in the future. But that’s the sector that is ill impacted by this pandemic.
We have to do more across the provisions to assure their recovery. A lot of these companies aren’t coming back that have failed.
Some Of The Businesses Shut Down Due To COVID, But Some Are Yet To Open.
The same bars and the same restaurants won’t open. Their owners have given up, they’ve gone somewhere else, they’ve taken on other opportunities to make some money. In the meantime, that doesn’t mean there won’t be new bars, new restaurants, or new small businesses.
We have to ensure have a kind of economic recovery. It will be the big question if those new businesses come in because this kind of v-shaped recovery that many people talked about back in a march didn’t necessarily play out the way a lot had hoped.
Because of those hard-hit sector restaurants bars, a lot of them maybe have remained closed through all this at least. That’s the case here in New York City, but when you think about those businesses closing.
It’s certainly a lot harder to get people jobs here when those businesses have closed permanently and don’t have a chance of reopening. There’s going to be a bit of a lag time before those newcomers here the new businesses come in and open. This wishful thinking is not going to provide the recovery we can pray for a v-shaped recovery.
All we want that’s not going to be sufficient to erase the effect of Businesses shut down due to COVID.
We Should Make Hard Decisions To Make Small Businesses Come Back
We’re going to have to make hard decisions that have real-world impacts. Governor Phil Murphy took one of those decisions.
It seems new jersey put a special tax on the ultra-wealthy citizens of new jersey to raise additional funds to make those funds available to those badly impacted. They’re folks who have provided to all of us the day-to-day work without which everything would have ground to a halt.
Because they’re out there exposing themselves in ways that many of us are not have a higher incidence of getting sick. We as a society need to help those folks. So there are things that we can do. We see examples of that, but wishful thinking isn’t going to contribute to the recovery.
The other thing we saw play out in new jersey is an uptick in fairs. Here, you can also use a turnpike, so you use whatever traditionally wasn’t planned. But because of the slowdown, things like that have had to happen.
Not just in new jersey across the u.s, when you think about funding gaps and revenue losses. Here taxes due to the pandemic and on that front might impact how many of these workers.
Those are still working, not wholly doing that when you think of struggles there and what’s caught here in this next round of stimulus.
The idea is that we would have gotten 1200 checks again by now. But we haven’t overlooked it here, and maybe you can look at the unemployment rate. But, the pain being felt by the average worker who still might have a job but is in the same economic position as was pre-pandemic.
What’s being overlooked is the need for national and state policies that both address the pandemic in the most realistic way to end it as soon as possible again.
We Have To Restore Business Shutdown Due To COVID.
Many good things lie ahead for that economic recovery by action and preparation to support an economic recovery.
As The CEO of Microsoft said, there has been an acceleration in the last few months that would have taken several years to transition to digital solutions from the old traditional analog work processes.
Acceleration will affect workers throughout the economy positively, and they were, you know again, necessities mother of invention.
We all were working at home all of a sudden remote collaboration tools became very important to the ability to conduct business in a very different way.
We had to learn how to bring vitality to the economy that will create new opportunities out of crisis comes new opportunities. Now is a moment to be preparing for that at every level.
Big business preparing for how it can play its role, banks were preparing for how they can do more lending for companies that’ll deserve those funds. Because they’re going to create growth in jobs public policy to think today because it takes the takes governments a long time to make anything happen
Let’s be ready to create the environment that’ll foster economic growth. We can do a lot again to make opportunities through Technology and a significant part in removing the frictions.
A small firm today, while it is local should go global. It shouldn’t think that its market is just its community or even its country because Technology eliminates the frictions that have historically prevented smaller firms from competing in the global economy.
Today based on their quality, price, and performance, small businesses can get in front of companies worldwide through Technology to compete for business.
Instead of just thinking, local service providers understand that the entire globe is their market. We’ll make globalization work.
Also, we will drive its benefits more profound into the world’s economies. It will increase economic growth to prevent the results of Businesses shut down due to COVID.
According to WHO, more deaths are expected to occur by the end of this year due to COVID, see the complete article Coronavirus in Europe is causing More COVID Deaths-WHO.
Pnas has also posted how hardly COVID affected small businesses.