- Yelp on Sept 16 released its latest Economic Impact Report, revealing business closures across the U.S. are increasing as a result of the coronavirus.
- As of Aug, 31, 163,735 businesses have indicated on Yelp that they have closed, a 23% increase since mid-July.
- According to Yelp data, permanent closures have reached 97,966, representing 60% of closed businesses that won’t be reopening.
Some locally available funds were released for small businesses but they were inadequate for most.
Meanwhile Big Tech and Big Retail are doing great.
Amazon: profit up 100%— Dan Price (@DanPriceSeattle) November 19, 2020
Walmart: profit up 80%
Target: profit up 80%
Lowe's: profit up 74%
Microsoft, Facebook, Apple, Google: stock at record high
Small businesses: 21% closed; revenue for rest down 30%. They're gonna go extinct in the lockdown without help.
Thanks to a bitter Congress, ordinary people only received $1200 to get them from March to November. For many this was a nice bonus – but for the working poor it was another kick in the nuts.