Nobody can tell exactly what the long-term effects of coronavirus will be on small businesses across the United States, and we don’t want to be pessimistic or fan the flames of panic (there’s certainly enough of that going on).
That said, staying in-the-know is one of the most important steps you can take to keep your business running strong during these uncertain times. With the risk of sounding cliché, knowledge really is power. Take a look below at how coronavirus is impacting small businesses so far.
Coronavirus’s impact on the USA’s economy:
- The Federal Reserve has slashed interest rates to 0%
- Boston closed down or rescheduled several events that were meant to host roughly 50,000 people
- Washington state shows “signs of economic disruption” as social distancing goes into full-effect
- The San Francisco Bay Area has seen a drop in small business gross receipts of as much as 70%
- Stock markets on the whole took a 7% plunge in the wake of panic around coronavirus
- 20 states have closed all schools, forcing thousands of parents to stay home from work
- Curfews have begun to go into effect (see New Jersey for example)
- For the first time in 75 years, the Kentucky Derby will not be on May 1st
- McDonald’s has shut down all seating and play areas across the country