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The current situation in business in 2020 presents a very concerning picture, especially for small business owners. The COVID-19 outbreak endangered many businesses’ existence and led to many small businesses closure due to economic downfall. Such a condition requires a more in-depth look at the statistical evidence and causes of the issue to evaluate the outbreak’s consequences on business and the economy properly.
I am particularly interested in this topic since it reflects the most recent significant changes in our lives and millions of businesses’ operations. As COVID-19 remains a major unresolved threat, we need to carefully analyze the potential it may have in the future based on the historical precedent. The article “The impact of COVID-19 on small business outcomes and expectations” presents an excellent opportunity to research the situation in small businesses that suffered the most during the outbreak.
The article’s survey drew information from more than 5,800 small businesses between March 28 to April 4, 2020, to present sizeable statistical evidence on the problem. The main features highlighted in the research were the degree of employees’ layoffs and the closures of small businesses in general that occurred within the first weeks of the outbreak, highlighting the global crisis’s unpreparedness.
Thus, the financial fragility of many small businesses that were escalated by significant economic instability left businesses with a negative income. The length of the crisis and its no objective end date were also critical reasons for the massive number of closures. The survey reported from 40 to 60% of business employers believes the crisis will end from July 1 to October 1, 2020 (Bartik et al., 2020). A set of these factors, combined with increasing difficulty getting funding through financial programs such as Coronavirus Aid, led to enormous disruptions for small businesses’ survival during the outbreak.
The article presented valuable information on the business and economic state of the U.S. during the pandemic. The analysis of the article allowed me to learn how economic instability and business operation are closely interrelated. It also showed me the key factors to consider in analyzing the modern tendencies in business and the economy to avoid disruptions and security concerns in business operations.
Reference
Bartik, A. W., Bertrand, M., Cullen, Z., Glaeser, E. L., Luca, M., & Stanton, C. (2020). The impact of COVID-19 on small business outcomes and expectations. Proceedings of the National Academy of Sciences, 117(30), 17656-17666.
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