One-third of NYC small businesses won't survive pandemic, civic leaders say

Months of temporary closure has left many small business owners with virtually no income for reopening, financial experts are saying. For these business owners, often operating with slim margins even in good times, the battle to regain customers and profits is expected to be waged fiercely around the country. Many of them won't win.

In New York City, one-third of local small businesses — some 77,000 employers — will likely shutter before the pandemic clears, according to a study from the Partnership for New York City, a civic group representing the city's largest private-sector.

The Big Apple's small business sector has already lost 520,000 jobs, the Partnership's study said, and even more closures would disproportionately harm the city's Black and Hispanic communities, which were already lagging behind Whites before the coronavirus hit.

"Disparities in income, education and employment status meant Black and Hispanic residents held jobs most at risk in the pandemic," the study said.

A crumbling small business community concern's New York City's largest corporations and their leaders because big companies contract with smaller firms as suppliers or service providers. And their employees personally patronize small businesses that cater to their retail and entertainment needs.



https://www.cbsnews.com/news/small-businesses-new-york-city-coronavirus-pandemic-wont-survive-shutdowns/?ftag=CNM-00-10aab7e&linkId=95061929