Small business owners face uncertain future in coronavirus pandemic

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Small businesses account for 90% of new jobs in the United States. Recent survey by Goldman Sachs 10,000 Small Businesses, Newark Economic Development Corp, and The Philadelphia Business Journal reveal that:52% of small business owners can no longer pay themselves or take a draw61% of Black business owners are working without pay42% of small businesses have laid off workers or reduced staff salaries or pay33% of small business owners are living off their savingsIn Philadelphia. PA 53% of Black businesses will not surviveIn Philadelphia, PA 33% of restaurants have permanently closedIn Newark, NJ, 69% of small businesses may close.The numbers are both staggering and sobering. While main street bleeds without any recourse in the near term, Wall Street is at an all-time high. The chasm between stockholders and workers, the rich and poor widens as the wealthy who can do business on-line or from anywhere remotely, remain unaffected by the pandemic. These are indeed unprecedented times.The need for a 2nd Covid-Stimulus bill in the United States is palpable, and makes common sense. It would spare a life-line for small businesses, and help to save the tourism, travel and hospitality industries until a vaccine can be widely distributed.Families that are living off the …

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