3 out of 10 Businesses In U.S. Fear They Won't Survive This Year

[doitvoluntarily]

There have already been thousands of businesses around the country that have been forced to close because of COVID-19. Still, with different restrictions in place on one business or another, they are fearing they might not make it out of 2021.

A recent Federal Reserve Bank survey shows that roughly 3 out of every 10 small business fears that 2021 will be the end for them.

If the stats are right this could mean that up to 9 million small businesses or more could be closing their doors for good.

In some regions they are starting to slowly lift the restrictions but it isn't enough yet.

Millions of businesses at risk of closing permanently

Small businesses need more help if they are going to be able to survive. The government has been giving out financial help to many but there is still a great void in what they need to help them make it through this year.

For some small business owners this is going to mean a transition of having to go out for the first time and look for a full-time job, instead of working on their own projects and businesses. They join millions of others right now who are also looking for something to get them by.

Confidence with small business owners is at an 8 month low.

Right now it is hard for many of them to be optimistic about what 2021 might bring, especially if they are still facing severe restrictions in how they can go about doing business. The tightening of how they can operate, with how many people etc, significantly impacts their ability to do well in the market.

Lawmakers around the nation are still pushing for small business relief and many in the market are dedicated to supporting these venues over their bigger competitors in order to help them try and survive. While some businesses have been able to adapt quickly to the market environment and the changes, for thousands of others they didn't make it.

Even after 60 percent of the businesses that closed during lockdowns last year will stay closed for good, there are still millions more at risk this year.

Pics:
pixabay

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[builderofcastles]

Of the remaining 7

2 are feeling fine because they make their money from the govern-cement, and so have no need of real customers

and the last 5 don't fear survival, because they are already dead.